REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Policy Owners of
Metropolitan Life Separate Account UL
and Board of Directors of
Metropolitan Life Insurance Company
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of Metropolitan Life Separate Account UL (the "Separate Account") of Metropolitan Life Insurance Company (the "Company") comprising each of the individual Divisions listed in Note 2A as of December 31, 2023, the related statements of operations and changes in net assets for each of the three years in the period then ended, the financial highlights in Note 7 for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Divisions constituting the Separate Account of the Company as of December 31, 2023, and the results of their operations and changes in their net assets for each of the three years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Separate Account's management. Our responsibility is to express an opinion on the Separate Account's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Separate Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Separate Account is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Separate Account's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of investments owned as of December 31, 2023, by correspondence with the custodian or mutual fund companies. We believe that our audits provide a reasonable basis for our opinion.
/s/ DELOITTE & TOUCHE LLP
Tampa, Florida
March 22, 2024
We have served as the Separate Account's auditor since 1990.
This page is intentionally left blank.
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2023
AB VPS Sustainable Global Thematic Division |
American Funds® ​American High-Income Trust Division |
American Funds® ​Global Small Capitalization Division |
American Funds® ​Growth Division |
||||||||||||||||
Assets: |
|||||||||||||||||||
Investments at fair value |
$ |
635,460 |
$ |
692,523 |
$ |
73,276,691 |
$ |
309,678,035 |
|||||||||||
Due from Metropolitan Life Insurance Company |
|
|
|
328 |
|||||||||||||||
Total Assets |
635,460 |
692,523 |
73,276,691 |
309,678,363 |
|||||||||||||||
Liabilities: |
|||||||||||||||||||
Due to Metropolitan Life Insurance Company |
|
|
|
|
|||||||||||||||
Total Liabilities |
|
|
|
|
|||||||||||||||
Net Assets |
$ |
635,460 |
$ |
692,523 |
$ |
73,276,691 |
$ |
309,678,363 |
The accompanying notes are an integral part of these financial statements.
UL-1
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
December 31, 2023
American Funds®​ Growth-Income Division |
American Funds®​ International Division |
American Funds®​ The Bond Fund of America Division |
American Funds® ​U.S. Government Securities Division |
BHFTI AB Global Dynamic Allocation Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
151,789,013 |
$ |
1,852,432 |
$ |
7,009,998 |
$ |
55,846 |
$ |
82,416 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
110 |
|
|
|
|
||||||||||||||||||
Total Assets |
151,789,123 |
1,852,432 |
7,009,998 |
55,846 |
82,416 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Due to Metropolitan Life Insurance Company |
|
|
|
|
|
||||||||||||||||||
Total Liabilities |
|
|
|
|
|
||||||||||||||||||
Net Assets |
$ |
151,789,123 |
$ |
1,852,432 |
$ |
7,009,998 |
$ |
55,846 |
$ |
82,416 |
The accompanying notes are an integral part of these financial statements.
UL-2
BHFTI American Funds®​ Balanced Allocation Division |
BHFTI American Funds®​ Growth Allocation Division |
BHFTI American Funds®​ Moderate Allocation Division |
BHFTI BlackRock Global Tactical Strategies Division |
BHFTI Brighthouse Asset Allocation 100 Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
1,778,218 |
$ |
3,100,002 |
$ |
2,069,460 |
$ |
293,659 |
$ |
31,238,851 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
|
|
|
|
|
||||||||||||||||||
Total Assets |
1,778,218 |
3,100,002 |
2,069,460 |
293,659 |
31,238,851 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Due to Metropolitan Life Insurance Company |
|
|
|
|
3 |
||||||||||||||||||
Total Liabilities |
|
|
|
|
3 |
||||||||||||||||||
Net Assets |
$ |
1,778,218 |
$ |
3,100,002 |
$ |
2,069,460 |
$ |
293,659 |
$ |
31,238,848 |
The accompanying notes are an integral part of these financial statements.
UL-3
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
December 31, 2023
BHFTI Brighthouse Balanced Plus Division |
BHFTI Brighthouse Small Cap Value Division |
BHFTI Brighthouse/ abrdn Emerging Markets Equity Division |
BHFTI Brighthouse/ Templeton International Bond Division |
BHFTI Brighthouse/ Wellington Large Cap Research Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
451,864 |
$ |
1,335,008 |
$ |
1,710,026 |
$ |
331,563 |
$ |
604,262,977 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
|
|
|
|
17 |
||||||||||||||||||
Total Assets |
451,864 |
1,335,008 |
1,710,026 |
331,563 |
604,262,994 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Due to Metropolitan Life Insurance Company |
|
|
|
|
|
||||||||||||||||||
Total Liabilities |
|
|
|
|
|
||||||||||||||||||
Net Assets |
$ |
451,864 |
$ |
1,335,008 |
$ |
1,710,026 |
$ |
331,563 |
$ |
604,262,994 |
The accompanying notes are an integral part of these financial statements.
UL-4
BHFTI CBRE Global Real Estate Division |
BHFTI Harris Oakmark International Division |
BHFTI Invesco Balanced-Risk Allocation Division |
BHFTI Invesco Global Equity Division |
BHFTI Invesco Small Cap Growth Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
27,500,616 |
$ |
40,259,132 |
$ |
72,050 |
$ |
68,309,982 |
$ |
8,815,373 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
|
|
|
|
|
||||||||||||||||||
Total Assets |
27,500,616 |
40,259,132 |
72,050 |
68,309,982 |
8,815,373 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Due to Metropolitan Life Insurance Company |
|
|
|
|
41 |
||||||||||||||||||
Total Liabilities |
|
|
|
|
41 |
||||||||||||||||||
Net Assets |
$ |
27,500,616 |
$ |
40,259,132 |
$ |
72,050 |
$ |
68,309,982 |
$ |
8,815,332 |
The accompanying notes are an integral part of these financial statements.
UL-5
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
December 31, 2023
BHFTI JPMorgan Global Active Allocation Division |
BHFTI JPMorgan Small Cap Value Division |
BHFTI Loomis Sayles Global Allocation Division |
BHFTI Loomis Sayles Growth Division |
BHFTI MetLife Multi-Index Targeted Risk Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
180,173 |
$ |
701,351 |
$ |
397,793 |
$ |
60,020,659 |
$ |
207,433 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
|
|
|
|
|
||||||||||||||||||
Total Assets |
180,173 |
701,351 |
397,793 |
60,020,659 |
207,433 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Due to Metropolitan Life Insurance Company |
|
|
|
1 |
|
||||||||||||||||||
Total Liabilities |
|
|
|
1 |
|
||||||||||||||||||
Net Assets |
$ |
180,173 |
$ |
701,351 |
$ |
397,793 |
$ |
60,020,658 |
$ |
207,433 |
The accompanying notes are an integral part of these financial statements.
UL-6
BHFTI MFS®​ Research International Division |
BHFTI Morgan Stanley Discovery Division |
BHFTI PanAgora Global Diversified Risk Division |
BHFTI PIMCO Inflation Protected Bond Division |
BHFTI PIMCO Total Return Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
20,282,374 |
$ |
327,902,469 |
$ |
177,025 |
$ |
9,633,908 |
$ |
47,943,842 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
|
|
|
|
|
||||||||||||||||||
Total Assets |
20,282,374 |
327,902,469 |
177,025 |
9,633,908 |
47,943,842 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Due to Metropolitan Life Insurance Company |
1 |
1 |
|
5 |
|
||||||||||||||||||
Total Liabilities |
1 |
1 |
|
5 |
|
||||||||||||||||||
Net Assets |
$ |
20,282,373 |
$ |
327,902,468 |
$ |
177,025 |
$ |
9,633,903 |
$ |
47,943,842 |
The accompanying notes are an integral part of these financial statements.
UL-7
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
December 31, 2023
BHFTI Schroders Global Multi-Asset Division |
BHFTI SSGA Growth and Income ETF Division |
BHFTI SSGA Growth ETF Division |
BHFTI T. Rowe Price Large Cap Value Division |
BHFTI T. Rowe Price Mid Cap Growth Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
152,260 |
$ |
8,406,854 |
$ |
8,562,046 |
$ |
3,655,543 |
$ |
48,021,108 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
|
|
|
|
|
||||||||||||||||||
Total Assets |
152,260 |
8,406,854 |
8,562,046 |
3,655,543 |
48,021,108 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Due to Metropolitan Life Insurance Company |
|
5 |
6 |
|
39 |
||||||||||||||||||
Total Liabilities |
|
5 |
6 |
|
39 |
||||||||||||||||||
Net Assets |
$ |
152,260 |
$ |
8,406,849 |
$ |
8,562,040 |
$ |
3,655,543 |
$ |
48,021,069 |
The accompanying notes are an integral part of these financial statements.
UL-8
BHFTI Victory Sycamore Mid Cap Value Division |
BHFTII Baillie Gifford International Stock Division |
BHFTII BlackRock Bond Income Division |
BHFTII BlackRock Capital Appreciation Division |
BHFTII BlackRock Ultra-Short Term Bond Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
116,181,303 |
$ |
45,880,275 |
$ |
66,143,839 |
$ |
25,223,530 |
$ |
23,782,443 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
|
|
|
|
|
||||||||||||||||||
Total Assets |
116,181,303 |
45,880,275 |
66,143,839 |
25,223,530 |
23,782,443 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Due to Metropolitan Life Insurance Company |
71 |
|
|
|
|
||||||||||||||||||
Total Liabilities |
71 |
|
|
|
|
||||||||||||||||||
Net Assets |
$ |
116,181,232 |
$ |
45,880,275 |
$ |
66,143,839 |
$ |
25,223,530 |
$ |
23,782,443 |
The accompanying notes are an integral part of these financial statements.
UL-9
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
December 31, 2023
BHFTII Brighthouse Asset Allocation 20 Division |
BHFTII Brighthouse Asset Allocation 40 Division |
BHFTII Brighthouse Asset Allocation 60 Division |
BHFTII Brighthouse Asset Allocation 80 Division |
BHFTII Brighthouse/Artisan Mid Cap Value Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
3,435,177 |
$ |
10,465,369 |
$ |
59,612,820 |
$ |
116,834,374 |
$ |
72,468,132 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
8 |
|
|
|
|
||||||||||||||||||
Total Assets |
3,435,185 |
10,465,369 |
59,612,820 |
116,834,374 |
72,468,132 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Due to Metropolitan Life Insurance Company |
|
4 |
29 |
7 |
301 |
||||||||||||||||||
Total Liabilities |
|
4 |
29 |
7 |
301 |
||||||||||||||||||
Net Assets |
$ |
3,435,185 |
$ |
10,465,365 |
$ |
59,612,791 |
$ |
116,834,367 |
$ |
72,467,831 |
The accompanying notes are an integral part of these financial statements.
UL-10
BHFTII Brighthouse/ Wellington Balanced Division |
BHFTII Brighthouse/ Wellington Core Equity Opportunities Division |
BHFTII Frontier Mid Cap Growth Division |
BHFTII Jennison Growth Division |
BHFTII Loomis Sayles Small Cap Core Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
350,011,157 |
$ |
101,645,372 |
$ |
286,178,087 |
$ |
54,274,013 |
$ |
28,865,660 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
|
|
1 |
|
|
||||||||||||||||||
Total Assets |
350,011,157 |
101,645,372 |
286,178,088 |
54,274,013 |
28,865,660 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Due to Metropolitan Life Insurance Company |
16 |
|
|
38 |
150 |
||||||||||||||||||
Total Liabilities |
16 |
|
|
38 |
150 |
||||||||||||||||||
Net Assets |
$ |
350,011,141 |
$ |
101,645,372 |
$ |
286,178,088 |
$ |
54,273,975 |
$ |
28,865,510 |
The accompanying notes are an integral part of these financial statements.
UL-11
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
December 31, 2023
BHFTII Loomis Sayles Small Cap Growth Division |
BHFTII MetLife Aggregate Bond Index Division |
BHFTII MetLife Mid Cap Stock Index Division |
BHFTII MetLife MSCI EAFE®​ Index Division |
BHFTII MetLife Russell 2000®​ Index Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
14,221,423 |
$ |
148,403,441 |
$ |
120,873,717 |
$ |
109,846,788 |
$ |
91,170,955 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
|
|
|
|
|
||||||||||||||||||
Total Assets |
14,221,423 |
148,403,441 |
120,873,717 |
109,846,788 |
91,170,955 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Due to Metropolitan Life Insurance Company |
2 |
|
23 |
|
|
||||||||||||||||||
Total Liabilities |
2 |
|
23 |
|
|
||||||||||||||||||
Net Assets |
$ |
14,221,421 |
$ |
148,403,441 |
$ |
120,873,694 |
$ |
109,846,788 |
$ |
91,170,955 |
The accompanying notes are an integral part of these financial statements.
UL-12
BHFTII MetLife Stock Index Division |
BHFTII MFS®​ Total Return Division |
BHFTII MFS®​ Value Division |
BHFTII Neuberger Berman Genesis Division |
BHFTII T. Rowe Price Large Cap Growth Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
1,590,286,378 |
$ |
10,885,489 |
$ |
131,855,576 |
$ |
143,062,419 |
$ |
142,074,519 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
|
|
|
|
|
||||||||||||||||||
Total Assets |
1,590,286,378 |
10,885,489 |
131,855,576 |
143,062,419 |
142,074,519 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Due to Metropolitan Life Insurance Company |
38 |
22 |
|
|
|
||||||||||||||||||
Total Liabilities |
38 |
22 |
|
|
|
||||||||||||||||||
Net Assets |
$ |
1,590,286,340 |
$ |
10,885,467 |
$ |
131,855,576 |
$ |
143,062,419 |
$ |
142,074,519 |
The accompanying notes are an integral part of these financial statements.
UL-13
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
December 31, 2023
BHFTII T. Rowe Price Small Cap Growth Division |
BHFTII VanEck Global Natural Resources Division |
BHFTII Western Asset Management Strategic Bond Opportunities Division |
BHFTII Western Asset Management U.S. Government Division |
Fidelity®​ VIP Asset Manager: Growth Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
146,336,492 |
$ |
457,893 |
$ |
46,427,186 |
$ |
15,739,667 |
$ |
2,432,442 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
|
|
|
1 |
|
||||||||||||||||||
Total Assets |
146,336,492 |
457,893 |
46,427,186 |
15,739,668 |
2,432,442 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Due to Metropolitan Life Insurance Company |
|
|
|
|
|
||||||||||||||||||
Total Liabilities |
|
|
|
|
|
||||||||||||||||||
Net Assets |
$ |
146,336,492 |
$ |
457,893 |
$ |
46,427,186 |
$ |
15,739,668 |
$ |
2,432,442 |
The accompanying notes are an integral part of these financial statements.
UL-14
Fidelity®​ VIP Contrafund®​ Division |
Fidelity®​ VIP Equity-Income Division |
Fidelity®​ VIP Freedom 2010 Division |
Fidelity®​ VIP Freedom 2020 Division |
Fidelity®​ VIP Freedom 2025 Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
4,579,006 |
$ |
651,846 |
$ |
158,655 |
$ |
750,584 |
$ |
672,306 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
|
|
|
|
|
||||||||||||||||||
Total Assets |
4,579,006 |
651,846 |
158,655 |
750,584 |
672,306 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Due to Metropolitan Life Insurance Company |
|
|
|
|
|
||||||||||||||||||
Total Liabilities |
|
|
|
|
|
||||||||||||||||||
Net Assets |
$ |
4,579,006 |
$ |
651,846 |
$ |
158,655 |
$ |
750,584 |
$ |
672,306 |
The accompanying notes are an integral part of these financial statements.
UL-15
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
December 31, 2023
Fidelity®​ VIP Freedom 2030 Division |
Fidelity®​ VIP Freedom 2040 Division |
Fidelity®​ VIP Freedom 2050 Division |
Fidelity®​ VIP Government Money Market Division |
Fidelity®​ VIP High Income Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
482,961 |
$ |
522,329 |
$ |
293,053 |
$ |
6,488,430 |
$ |
17,553 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
|
|
|
|
|
||||||||||||||||||
Total Assets |
482,961 |
522,329 |
293,053 |
6,488,430 |
17,553 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Due to Metropolitan Life Insurance Company |
|
|
20 |
|
|
||||||||||||||||||
Total Liabilities |
|
|
20 |
|
|
||||||||||||||||||
Net Assets |
$ |
482,961 |
$ |
522,329 |
$ |
293,033 |
$ |
6,488,430 |
$ |
17,553 |
The accompanying notes are an integral part of these financial statements.
UL-16
Fidelity®​ VIP Investment Grade Bond Division |
Fidelity®​ VIP Mid Cap Division |
FTVIPT Franklin Income VIP Division |
FTVIPT Franklin Mutual Global Discovery VIP Division |
FTVIPT Franklin Mutual Shares VIP Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
1,034,160 |
$ |
338,290 |
$ |
8,316 |
$ |
76,863 |
$ |
82,574 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
|
|
|
|
|
||||||||||||||||||
Total Assets |
1,034,160 |
338,290 |
8,316 |
76,863 |
82,574 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Due to Metropolitan Life Insurance Company |
|
|
|
|
|
||||||||||||||||||
Total Liabilities |
|
|
|
|
|
||||||||||||||||||
Net Assets |
$ |
1,034,160 |
$ |
338,290 |
$ |
8,316 |
$ |
76,863 |
$ |
82,574 |
The accompanying notes are an integral part of these financial statements.
UL-17
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
December 31, 2023
FTVIPT Templeton Foreign VIP Division |
FTVIPT Templeton Global Bond VIP Division |
Goldman Sachs Small Cap Equity Insights Division |
Invesco V.I. Comstock Division |
Invesco V.I. EQV International Equity Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
6,418,651 |
$ |
1,055,509 |
$ |
3,667 |
$ |
139,573 |
$ |
420,467 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
|
|
|
|
|
||||||||||||||||||
Total Assets |
6,418,651 |
1,055,509 |
3,667 |
139,573 |
420,467 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Due to Metropolitan Life Insurance Company |
|
|
|
|
|
||||||||||||||||||
Total Liabilities |
|
|
|
|
|
||||||||||||||||||
Net Assets |
$ |
6,418,651 |
$ |
1,055,509 |
$ |
3,667 |
$ |
139,573 |
$ |
420,467 |
The accompanying notes are an integral part of these financial statements.
UL-18
Janus Henderson Balanced Division |
Janus Henderson Enterprise Division |
Janus Henderson Forty Division |
Janus Henderson Research Division |
MFS®​ VIT Global Equity Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
1,606,109 |
$ |
236,316 |
$ |
725,663 |
$ |
673,933 |
$ |
107,956 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
|
|
|
|
|
||||||||||||||||||
Total Assets |
1,606,109 |
236,316 |
725,663 |
673,933 |
107,956 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Due to Metropolitan Life Insurance Company |
|
|
|
|
|
||||||||||||||||||
Total Liabilities |
|
|
|
|
|
||||||||||||||||||
Net Assets |
$ |
1,606,109 |
$ |
236,316 |
$ |
725,663 |
$ |
673,933 |
$ |
107,956 |
The accompanying notes are an integral part of these financial statements.
UL-19
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES (Concluded)
December 31, 2023
MFS®​ VIT New Discovery Division |
MFS®​ VIT II High Yield Division |
Morgan Stanley VIF Emerging Markets Debt Division |
Morgan Stanley VIF Emerging Markets Equity Division |
PIMCO VIT All Asset Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
23,115 |
$ |
170,286 |
$ |
508,762 |
$ |
4,518,054 |
$ |
27,264 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
|
|
|
|
|
||||||||||||||||||
Total Assets |
23,115 |
170,286 |
508,762 |
4,518,054 |
27,264 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Due to Metropolitan Life Insurance Company |
|
1 |
|
|
|
||||||||||||||||||
Total Liabilities |
|
1 |
|
|
|
||||||||||||||||||
Net Assets |
$ |
23,115 |
$ |
170,285 |
$ |
508,762 |
$ |
4,518,054 |
$ |
27,264 |
The accompanying notes are an integral part of these financial statements.
UL-20
PIMCO VIT CommodityRealReturn® ​Strategy Division |
PIMCO VIT Low Duration Division |
Pioneer Mid Cap Value VCT Division |
Royce Micro-Cap Division |
Royce Small-Cap Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
16,485 |
$ |
801,933 |
$ |
21,696 |
$ |
16,974 |
$ |
18,180 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
|
|
|
|
|
||||||||||||||||||
Total Assets |
16,485 |
801,933 |
21,696 |
16,974 |
18,180 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Due to Metropolitan Life Insurance Company |
|
1 |
|
|
|
||||||||||||||||||
Total Liabilities |
|
1 |
|
|
|
||||||||||||||||||
Net Assets |
$ |
16,485 |
$ |
801,932 |
$ |
21,696 |
$ |
16,974 |
$ |
18,180 |
The accompanying notes are an integral part of these financial statements.
UL-21
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS
For the years ended December 31, 2023, 2022 and 2021
AB VPS Sustainable Global Thematic Division |
American Funds®​ American High-Income Trust Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
175 |
$ |
|
$ |
|
$ |
48,380 |
$ |
55,273 |
$ |
28,819 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
|
|
|
|
|
|
|||||||||||||||||||||
Net investment income (loss) |
175 |
|
|
48,380 |
55,273 |
28,819 |
|||||||||||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||||||
Realized gain distributions |
37,673 |
59,783 |
84,098 |
|
|
|
|||||||||||||||||||||
Realized gains (losses) on sale of investments |
(6,723 |
) |
(9,209 |
) |
1,704 |
(11,020 |
) |
(4,118 |
) |
321 |
|||||||||||||||||
Net realized gains (losses) |
30,950 |
50,574 |
85,802 |
(11,020 |
) |
(4,118 |
) |
321 |
|||||||||||||||||||
Change in unrealized gains (losses) on investments |
55,838 |
(252,999 |
) |
13,004 |
43,248 |
(120,523 |
) |
2,825 |
|||||||||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
86,788 |
(202,425 |
) |
98,806 |
32,228 |
(124,641 |
) |
3,146 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
86,963 |
$ |
(202,425 |
) |
$ |
98,806 |
$ |
80,608 |
$ |
(69,368 |
) |
$ |
31,965 |
The accompanying notes are an integral part of these financial statements.
UL-22
American Funds®​ Global Small Capitalization Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
182,050 |
$ |
|
$ |
|
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
75,371 |
79,546 |
111,675 |
||||||||||||
Net investment income (loss) |
106,679 |
(79,546 |
) |
(111,675 |
) |
||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
901,703 |
24,447,154 |
2,202,958 |
||||||||||||
Realized gains (losses) on sale of investments |
(1,077,890 |
) |
(240,602 |
) |
2,489,482 |
||||||||||
Net realized gains (losses) |
(176,187 |
) |
24,206,552 |
4,692,440 |
|||||||||||
Change in unrealized gains (losses) on investments |
10,418,956 |
(52,190,705 |
) |
1,660,255 |
|||||||||||
Net realized and changes in unrealized gains (losses) on investments |
10,242,769 |
(27,984,153 |
) |
6,352,695 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
10,349,448 |
$ |
(28,063,699 |
) |
$ |
6,241,020 |
The accompanying notes are an integral part of these financial statements.
UL-23
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the years ended December 31, 2023, 2022 and 2021
American Funds®​ Growth Division |
American Funds®​ Growth-Income Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
995,047 |
$ |
875,598 |
$ |
731,225 |
$ |
1,907,914 |
$ |
1,748,598 |
$ |
1,715,449 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
234,779 |
240,577 |
297,098 |
126,564 |
125,958 |
142,145 |
|||||||||||||||||||||
Net investment income (loss) |
760,268 |
635,021 |
434,127 |
1,781,350 |
1,622,640 |
1,573,304 |
|||||||||||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||||||
Realized gain distributions |
15,479,651 |
39,365,636 |
42,795,355 |
7,311,703 |
13,499,470 |
1,490,438 |
|||||||||||||||||||||
Realized gains (losses) on sale of investments |
3,221,151 |
3,284,883 |
11,188,301 |
1,870,774 |
1,739,733 |
3,439,613 |
|||||||||||||||||||||
Net realized gains (losses) |
18,700,802 |
42,650,519 |
53,983,656 |
9,182,477 |
15,239,203 |
4,930,051 |
|||||||||||||||||||||
Change in unrealized gains (losses) on investments |
69,205,509 |
(148,259,449 |
) |
11,657,903 |
21,230,124 |
(43,425,314 |
) |
25,918,314 |
|||||||||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
87,906,311 |
(105,608,930 |
) |
65,641,559 |
30,412,601 |
(28,186,111 |
) |
30,848,365 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
88,666,579 |
$ |
(104,973,909 |
) |
$ |
66,075,686 |
$ |
32,193,951 |
$ |
(26,563,471 |
) |
$ |
32,421,669 |
The accompanying notes are an integral part of these financial statements.
UL-24
American Funds®​ International Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
23,320 |
$ |
31,957 |
$ |
58,048 |
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
|
|
|
||||||||||||
Net investment income (loss) |
23,320 |
31,957 |
58,048 |
||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
|
253,750 |
|
||||||||||||
Realized gains (losses) on sale of investments |
(29,185 |
) |
(10,305 |
) |
14,231 |
||||||||||
Net realized gains (losses) |
(29,185 |
) |
243,445 |
14,231 |
|||||||||||
Change in unrealized gains (losses) on investments |
269,573 |
(738,762 |
) |
(105,442 |
) |
||||||||||
Net realized and changes in unrealized gains (losses) on investments |
240,388 |
(495,317 |
) |
(91,211 |
) |
||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
263,708 |
$ |
(463,360 |
) |
$ |
(33,163 |
) |
The accompanying notes are an integral part of these financial statements.
UL-25
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the years ended December 31, 2023, 2022 and 2021
American Funds®​ The Bond Fund of America Division |
American Funds®​ U.S. Government Securities Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
236,911 |
$ |
208,327 |
$ |
114,358 |
$ |
2,031 |
$ |
2,187 |
$ |
811 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
7,963 |
8,305 |
9,117 |
|
|
|
|||||||||||||||||||||
Net investment income (loss) |
228,948 |
200,022 |
105,241 |
2,031 |
2,187 |
811 |
|||||||||||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||||||
Realized gain distributions |
|
84,867 |
307,195 |
|
|
5,488 |
|||||||||||||||||||||
Realized gains (losses) on sale of investments |
(137,480 |
) |
(132,066 |
) |
29,503 |
(448 |
) |
(261 |
) |
(20 |
) |
||||||||||||||||
Net realized gains (losses) |
(137,480 |
) |
(47,199 |
) |
336,698 |
(448 |
) |
(261 |
) |
5,468 |
|||||||||||||||||
Change in unrealized gains (losses) on investments |
230,378 |
(1,180,378 |
) |
(480,389 |
) |
44 |
(8,793 |
) |
(6,687 |
) |
|||||||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
92,898 |
(1,227,577 |
) |
(143,691 |
) |
(404 |
) |
(9,054 |
) |
(1,219 |
) |
||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
321,846 |
$ |
(1,027,555 |
) |
$ |
(38,450 |
) |
$ |
1,627 |
$ |
(6,867 |
) |
$ |
(408 |
) |
The accompanying notes are an integral part of these financial statements.
UL-26
BHFTI AB Global Dynamic Allocation Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
2,527 |
$ |
4,115 |
$ |
251 |
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
|
|
|
||||||||||||
Net investment income (loss) |
2,527 |
4,115 |
251 |
||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
|
6,908 |
6,395 |
||||||||||||
Realized gains (losses) on sale of investments |
(4,338 |
) |
(2,670 |
) |
674 |
||||||||||
Net realized gains (losses) |
(4,338 |
) |
4,238 |
7,069 |
|||||||||||
Change in unrealized gains (losses) on investments |
10,544 |
(31,162 |
) |
2,602 |
|||||||||||
Net realized and changes in unrealized gains (losses) on investments |
6,206 |
(26,924 |
) |
9,671 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
8,733 |
$ |
(22,809 |
) |
$ |
9,922 |
The accompanying notes are an integral part of these financial statements.
UL-27
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTI American Funds®​ Balanced Allocation Division |
BHFTI American Funds®​ Growth Allocation Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
42,691 |
$ |
27,574 |
$ |
23,221 |
$ |
69,571 |
$ |
41,254 |
$ |
34,073 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
|
|
|
|
|
|
|||||||||||||||||||||
Net investment income (loss) |
42,691 |
27,574 |
23,221 |
69,571 |
41,254 |
34,073 |
|||||||||||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||||||
Realized gain distributions |
121,111 |
206,119 |
53,367 |
298,449 |
441,840 |
100,846 |
|||||||||||||||||||||
Realized gains (losses) on sale of investments |
(13,814 |
) |
(3,884 |
) |
29,524 |
(47,967 |
) |
(10,196 |
) |
29,448 |
|||||||||||||||||
Net realized gains (losses) |
107,297 |
202,235 |
82,891 |
250,482 |
431,644 |
130,294 |
|||||||||||||||||||||
Change in unrealized gains (losses) on investments |
105,718 |
(526,661 |
) |
82,717 |
228,116 |
(1,096,716 |
) |
306,357 |
|||||||||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
213,015 |
(324,426 |
) |
165,608 |
478,598 |
(665,072 |
) |
436,651 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
255,706 |
$ |
(296,852 |
) |
$ |
188,829 |
$ |
548,169 |
$ |
(623,818 |
) |
$ |
470,724 |
The accompanying notes are an integral part of these financial statements.
UL-28
BHFTI American Funds®​ Moderate Allocation Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
56,237 |
$ |
37,848 |
$ |
34,836 |
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
|
|
|
||||||||||||
Net investment income (loss) |
56,237 |
37,848 |
34,836 |
||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
113,143 |
192,662 |
65,296 |
||||||||||||
Realized gains (losses) on sale of investments |
(12,679 |
) |
(15,973 |
) |
7,896 |
||||||||||
Net realized gains (losses) |
100,464 |
176,689 |
73,192 |
||||||||||||
Change in unrealized gains (losses) on investments |
83,435 |
(515,528 |
) |
75,627 |
|||||||||||
Net realized and changes in unrealized gains (losses) on investments |
183,899 |
(338,839 |
) |
148,819 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
240,136 |
$ |
(300,991 |
) |
$ |
183,655 |
The accompanying notes are an integral part of these financial statements.
UL-29
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTI BlackRock Global Tactical Strategies Division |
BHFTI Brighthouse Asset Allocation 100 Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
9,537 |
$ |
12,903 |
$ |
10,075 |
$ |
864,461 |
$ |
467,816 |
$ |
465,915 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
|
|
|
14,765 |
14,556 |
16,987 |
|||||||||||||||||||||
Net investment income (loss) |
9,537 |
12,903 |
10,075 |
849,696 |
453,260 |
448,928 |
|||||||||||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||||||
Realized gain distributions |
|
20,609 |
28,511 |
4,348,651 |
2,509,727 |
2,622,421 |
|||||||||||||||||||||
Realized gains (losses) on sale of investments |
(6,154 |
) |
(53,169 |
) |
5,497 |
(305,088 |
) |
(24,857 |
) |
680,164 |
|||||||||||||||||
Net realized gains (losses) |
(6,154 |
) |
(32,560 |
) |
34,008 |
4,043,563 |
2,484,870 |
3,302,585 |
|||||||||||||||||||
Change in unrealized gains (losses) on investments |
32,696 |
(92,825 |
) |
21,134 |
675,806 |
(10,016,419 |
) |
2,026,367 |
|||||||||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
26,542 |
(125,385 |
) |
55,142 |
4,719,369 |
(7,531,549 |
) |
5,328,952 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
36,079 |
$ |
(112,482 |
) |
$ |
65,217 |
$ |
5,569,065 |
$ |
(7,078,289 |
) |
$ |
5,777,880 |
The accompanying notes are an integral part of these financial statements.
UL-30
BHFTI Brighthouse Balanced Plus Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
13,293 |
$ |
10,810 |
$ |
11,412 |
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
|
|
|
||||||||||||
Net investment income (loss) |
13,293 |
10,810 |
11,412 |
||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
|
42,191 |
16,775 |
||||||||||||
Realized gains (losses) on sale of investments |
(8,148 |
) |
(6,016 |
) |
1,115 |
||||||||||
Net realized gains (losses) |
(8,148 |
) |
36,175 |
17,890 |
|||||||||||
Change in unrealized gains (losses) on investments |
33,282 |
(161,614 |
) |
6,919 |
|||||||||||
Net realized and changes in unrealized gains (losses) on investments |
25,134 |
(125,439 |
) |
24,809 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
38,427 |
$ |
(114,629 |
) |
$ |
36,221 |
The accompanying notes are an integral part of these financial statements.
UL-31
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTI Brighthouse Small Cap Value Division |
BHFTI Brighthouse/abrdn Emerging Markets Equity Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
12,142 |
$ |
7,649 |
$ |
10,711 |
$ |
19,029 |
$ |
14,674 |
$ |
5,628 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
|
|
|
|
|
|
|||||||||||||||||||||
Net investment income (loss) |
12,142 |
7,649 |
10,711 |
19,029 |
14,674 |
5,628 |
|||||||||||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||||||
Realized gain distributions |
102,415 |
214,689 |
579 |
|
241,811 |
|
|||||||||||||||||||||
Realized gains (losses) on sale of investments |
(1,788 |
) |
295 |
2,928 |
(10,170 |
) |
(8,452 |
) |
40,249 |
||||||||||||||||||
Net realized gains (losses) |
100,627 |
214,984 |
3,507 |
(10,170 |
) |
233,359 |
40,249 |
||||||||||||||||||||
Change in unrealized gains (losses) on investments |
51,185 |
(402,147 |
) |
318,052 |
95,541 |
(768,158 |
) |
(146,176 |
) |
||||||||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
151,812 |
(187,163 |
) |
321,559 |
85,371 |
(534,799 |
) |
(105,927 |
) |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
163,954 |
$ |
(179,514 |
) |
$ |
332,270 |
$ |
104,400 |
$ |
(520,125 |
) |
$ |
(100,299 |
) |
The accompanying notes are an integral part of these financial statements.
UL-32
BHFTI Brighthouse/Templeton International Bond Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
|
$ |
|
$ |
|
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
|
|
|
||||||||||||
Net investment income (loss) |
|
|
|
||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
|
|
|
||||||||||||
Realized gains (losses) on sale of investments |
(3,305 |
) |
(10,841 |
) |
(1,491 |
) |
|||||||||
Net realized gains (losses) |
(3,305 |
) |
(10,841 |
) |
(1,491 |
) |
|||||||||
Change in unrealized gains (losses) on investments |
14,996 |
(3,545 |
) |
(13,400 |
) |
||||||||||
Net realized and changes in unrealized gains (losses) on investments |
11,691 |
(14,386 |
) |
(14,891 |
) |
||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
11,691 |
$ |
(14,386 |
) |
$ |
(14,891 |
) |
The accompanying notes are an integral part of these financial statements.
UL-33
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTI Brighthouse/Wellington Large Cap Research Division |
BHFTI CBRE Global Real Estate Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
4,596,606 |
$ |
4,100,711 |
$ |
5,425,132 |
$ |
684,809 |
$ |
1,203,980 |
$ |
923,359 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
2,789,626 |
2,836,253 |
3,190,231 |
22,088 |
24,532 |
29,024 |
|||||||||||||||||||||
Net investment income (loss) |
1,806,980 |
1,264,458 |
2,234,901 |
662,721 |
1,179,448 |
894,335 |
|||||||||||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||||||
Realized gain distributions |
30,133,304 |
119,851,018 |
61,670,030 |
|
2,619,529 |
|
|||||||||||||||||||||
Realized gains (losses) on sale of investments |
745,025 |
3,819,648 |
12,753,640 |
(237,751 |
) |
(10,693 |
) |
474,259 |
|||||||||||||||||||
Net realized gains (losses) |
30,878,329 |
123,670,666 |
74,423,670 |
(237,751 |
) |
2,608,836 |
474,259 |
||||||||||||||||||||
Change in unrealized gains (losses) on investments |
92,089,119 |
(254,155,225 |
) |
56,615,903 |
2,723,801 |
(11,912,020 |
) |
7,531,715 |
|||||||||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
122,967,448 |
(130,484,559 |
) |
131,039,573 |
2,486,050 |
(9,303,184 |
) |
8,005,974 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
124,774,428 |
$ |
(129,220,101 |
) |
$ |
133,274,474 |
$ |
3,148,771 |
$ |
(8,123,736 |
) |
$ |
8,900,309 |
The accompanying notes are an integral part of these financial statements.
UL-34
BHFTI Harris Oakmark International Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
825,876 |
$ |
906,798 |
$ |
378,177 |
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
46,361 |
44,351 |
55,275 |
||||||||||||
Net investment income (loss) |
779,515 |
862,447 |
322,902 |
||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
|
2,002,137 |
|
||||||||||||
Realized gains (losses) on sale of investments |
(350,032 |
) |
(363,463 |
) |
391,341 |
||||||||||
Net realized gains (losses) |
(350,032 |
) |
1,638,674 |
391,341 |
|||||||||||
Change in unrealized gains (losses) on investments |
6,255,947 |
(9,311,810 |
) |
2,895,287 |
|||||||||||
Net realized and changes in unrealized gains (losses) on investments |
5,905,915 |
(7,673,136 |
) |
3,286,628 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
6,685,430 |
$ |
(6,810,689 |
) |
$ |
3,609,530 |
The accompanying notes are an integral part of these financial statements.
UL-35
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTI Invesco Balanced-Risk Allocation Division |
BHFTI Invesco Global Equity Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
2,595 |
$ |
4,889 |
$ |
2,701 |
$ |
228,348 |
$ |
|
$ |
102,667 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
|
|
|
155,724 |
156,962 |
210,936 |
|||||||||||||||||||||
Net investment income (loss) |
2,595 |
4,889 |
2,701 |
72,624 |
(156,962 |
) |
(108,269 |
) |
|||||||||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||||||
Realized gain distributions |
|
4,656 |
2,676 |
3,532,514 |
8,477,838 |
3,255,285 |
|||||||||||||||||||||
Realized gains (losses) on sale of investments |
(2,774 |
) |
(422 |
) |
189 |
595,769 |
766,676 |
3,265,283 |
|||||||||||||||||||
Net realized gains (losses) |
(2,774 |
) |
4,234 |
2,865 |
4,128,283 |
9,244,514 |
6,520,568 |
||||||||||||||||||||
Change in unrealized gains (losses) on investments |
4,632 |
(19,689 |
) |
2,660 |
13,814,493 |
(34,670,658 |
) |
5,012,985 |
|||||||||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
1,858 |
(15,455 |
) |
5,525 |
17,942,776 |
(25,426,144 |
) |
11,533,553 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
4,453 |
$ |
(10,566 |
) |
$ |
8,226 |
$ |
18,015,400 |
$ |
(25,583,106 |
) |
$ |
11,425,284 |
The accompanying notes are an integral part of these financial statements.
UL-36
BHFTI Invesco Small Cap Growth Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
|
$ |
|
$ |
|
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
10,062 |
11,212 |
16,422 |
||||||||||||
Net investment income (loss) |
(10,062 |
) |
(11,212 |
) |
(16,422 |
) |
|||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
|
2,819,236 |
2,330,241 |
||||||||||||
Realized gains (losses) on sale of investments |
(608,941 |
) |
(377,115 |
) |
390,164 |
||||||||||
Net realized gains (losses) |
(608,941 |
) |
2,442,121 |
2,720,405 |
|||||||||||
Change in unrealized gains (losses) on investments |
1,609,356 |
(7,093,762 |
) |
(1,866,700 |
) |
||||||||||
Net realized and changes in unrealized gains (losses) on investments |
1,000,415 |
(4,651,641 |
) |
853,705 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
990,353 |
$ |
(4,662,853 |
) |
$ |
837,283 |
The accompanying notes are an integral part of these financial statements.
UL-37
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTI JPMorgan Global Active Allocation Division |
BHFTI JPMorgan Small Cap Value Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
3,062 |
$ |
4,598 |
$ |
1,074 |
$ |
8,785 |
$ |
7,799 |
$ |
8,181 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
|
|
|
|
|
|
|||||||||||||||||||||
Net investment income (loss) |
3,062 |
4,598 |
1,074 |
8,785 |
7,799 |
8,181 |
|||||||||||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||||||
Realized gain distributions |
|
23,388 |
11,782 |
54,317 |
221,551 |
17,725 |
|||||||||||||||||||||
Realized gains (losses) on sale of investments |
(3,892 |
) |
(1,097 |
) |
1,789 |
(12,792 |
) |
(1,329 |
) |
50,115 |
|||||||||||||||||
Net realized gains (losses) |
(3,892 |
) |
22,291 |
13,571 |
41,525 |
220,222 |
67,840 |
||||||||||||||||||||
Change in unrealized gains (losses) on investments |
17,656 |
(65,711 |
) |
5,880 |
33,881 |
(326,690 |
) |
129,125 |
|||||||||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
13,764 |
(43,420 |
) |
19,451 |
75,406 |
(106,468 |
) |
196,965 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
16,826 |
$ |
(38,822 |
) |
$ |
20,525 |
$ |
84,191 |
$ |
(98,669 |
) |
$ |
205,146 |
The accompanying notes are an integral part of these financial statements.
UL-38
BHFTI Loomis Sayles Global Allocation Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
|
$ |
|
$ |
4,713 |
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
|
|
|
||||||||||||
Net investment income (loss) |
|
|
4,713 |
||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
14,194 |
48,196 |
43,687 |
||||||||||||
Realized gains (losses) on sale of investments |
(1,745 |
) |
(274 |
) |
38,790 |
||||||||||
Net realized gains (losses) |
12,449 |
47,922 |
82,477 |
||||||||||||
Change in unrealized gains (losses) on investments |
62,269 |
(150,790 |
) |
(23,466 |
) |
||||||||||
Net realized and changes in unrealized gains (losses) on investments |
74,718 |
(102,868 |
) |
59,011 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
74,718 |
$ |
(102,868 |
) |
$ |
63,724 |
The accompanying notes are an integral part of these financial statements.
UL-39
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTI Loomis Sayles Growth Division |
BHFTI MetLife Multi-Index Targeted Risk Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
|
$ |
|
$ |
115,550 |
$ |
4,258 |
$ |
3,579 |
$ |
3,798 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
45,648 |
39,396 |
50,175 |
|
|
|
|||||||||||||||||||||
Net investment income (loss) |
(45,648 |
) |
(39,396 |
) |
65,375 |
4,258 |
3,579 |
3,798 |
|||||||||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||||||
Realized gain distributions |
3,061,973 |
4,078,235 |
1,762,143 |
|
18,661 |
7,951 |
|||||||||||||||||||||
Realized gains (losses) on sale of investments |
357,564 |
(66,183 |
) |
906,323 |
(1,375 |
) |
(5,869 |
) |
821 |
||||||||||||||||||
Net realized gains (losses) |
3,419,537 |
4,012,052 |
2,668,466 |
(1,375 |
) |
12,792 |
8,772 |
||||||||||||||||||||
Change in unrealized gains (losses) on investments |
17,568,319 |
(20,403,597 |
) |
6,974,380 |
21,870 |
(65,780 |
) |
7,435 |
|||||||||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
20,987,856 |
(16,391,545 |
) |
9,642,846 |
20,495 |
(52,988 |
) |
16,207 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
20,942,208 |
$ |
(16,430,941 |
) |
$ |
9,708,221 |
$ |
24,753 |
$ |
(49,409 |
) |
$ |
20,005 |
The accompanying notes are an integral part of these financial statements.
UL-40
BHFTI MFS®​ Research International Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
324,321 |
$ |
422,126 |
$ |
278,094 |
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
16,116 |
16,527 |
20,214 |
||||||||||||
Net investment income (loss) |
308,205 |
405,599 |
257,880 |
||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
376,989 |
1,446,611 |
913,077 |
||||||||||||
Realized gains (losses) on sale of investments |
80,901 |
(6,601 |
) |
503,341 |
|||||||||||
Net realized gains (losses) |
457,890 |
1,440,010 |
1,416,418 |
||||||||||||
Change in unrealized gains (losses) on investments |
1,779,141 |
(6,232,375 |
) |
1,126,705 |
|||||||||||
Net realized and changes in unrealized gains (losses) on investments |
2,237,031 |
(4,792,365 |
) |
2,543,123 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
2,545,236 |
$ |
(4,386,766 |
) |
$ |
2,801,003 |
The accompanying notes are an integral part of these financial statements.
UL-41
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTI Morgan Stanley Discovery Division |
BHFTI PanAgora Global Diversified Risk Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
|
$ |
|
$ |
|
$ |
13,250 |
$ |
17,387 |
$ |
|
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
824,614 |
1,071,989 |
2,377,645 |
|
|
|
|||||||||||||||||||||
Net investment income (loss) |
(824,614 |
) |
(1,071,989 |
) |
(2,377,645 |
) |
13,250 |
17,387 |
|
||||||||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||||||
Realized gain distributions |
|
141,771,781 |
367,030,776 |
|
11,388 |
64 |
|||||||||||||||||||||
Realized gains (losses) on sale of investments |
(26,239,319 |
) |
(17,614,592 |
) |
26,060,316 |
(4,719 |
) |
(1,648 |
) |
10 |
|||||||||||||||||
Net realized gains (losses) |
(26,239,319 |
) |
124,157,189 |
393,091,092 |
(4,719 |
) |
9,740 |
74 |
|||||||||||||||||||
Change in unrealized gains (losses) on investments |
124,449,759 |
(536,339,103 |
) |
(469,811,228 |
) |
(1,119 |
) |
(57,045 |
) |
(26 |
) |
||||||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
98,210,440 |
(412,181,914 |
) |
(76,720,136 |
) |
(5,838 |
) |
(47,305 |
) |
48 |
|||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
97,385,826 |
$ |
(413,253,903 |
) |
$ |
(79,097,781 |
) |
$ |
7,412 |
$ |
(29,918 |
) |
$ |
48 |
The accompanying notes are an integral part of these financial statements.
UL-42
BHFTI PIMCO Inflation Protected Bond Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
225,961 |
$ |
691,624 |
$ |
103,150 |
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
14,353 |
15,788 |
16,805 |
||||||||||||
Net investment income (loss) |
211,608 |
675,836 |
86,345 |
||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
|
|
|
||||||||||||
Realized gains (losses) on sale of investments |
(108,396 |
) |
(81,527 |
) |
86,320 |
||||||||||
Net realized gains (losses) |
(108,396 |
) |
(81,527 |
) |
86,320 |
||||||||||
Change in unrealized gains (losses) on investments |
229,395 |
(1,924,923 |
) |
411,083 |
|||||||||||
Net realized and changes in unrealized gains (losses) on investments |
120,999 |
(2,006,450 |
) |
497,403 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
332,607 |
$ |
(1,330,614 |
) |
$ |
583,748 |
The accompanying notes are an integral part of these financial statements.
UL-43
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTI PIMCO Total Return Division |
BHFTI Schroders Global Multi-Asset Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
1,469,022 |
$ |
1,547,601 |
$ |
1,050,706 |
$ |
2,561 |
$ |
1,829 |
$ |
442 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
35,934 |
40,766 |
50,411 |
|
|
|
|||||||||||||||||||||
Net investment income (loss) |
1,433,088 |
1,506,835 |
1,000,295 |
2,561 |
1,829 |
442 |
|||||||||||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||||||
Realized gain distributions |
|
|
2,178,607 |
|
8,603 |
253 |
|||||||||||||||||||||
Realized gains (losses) on sale of investments |
(715,193 |
) |
(590,794 |
) |
29,003 |
(310 |
) |
(1,043 |
) |
560 |
|||||||||||||||||
Net realized gains (losses) |
(715,193 |
) |
(590,794 |
) |
2,207,610 |
(310 |
) |
7,560 |
813 |
||||||||||||||||||
Change in unrealized gains (losses) on investments |
2,035,691 |
(8,806,008 |
) |
(3,833,399 |
) |
17,176 |
(39,968 |
) |
13,631 |
||||||||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
1,320,498 |
(9,396,802 |
) |
(1,625,789 |
) |
16,866 |
(32,408 |
) |
14,444 |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
2,753,586 |
$ |
(7,889,967 |
) |
$ |
(625,494 |
) |
$ |
19,427 |
$ |
(30,579 |
) |
$ |
14,886 |
The accompanying notes are an integral part of these financial statements.
UL-44
BHFTI SSGA Growth and Income ETF Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
206,366 |
$ |
271,164 |
$ |
183,486 |
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
8,636 |
8,716 |
9,340 |
||||||||||||
Net investment income (loss) |
197,730 |
262,448 |
174,146 |
||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
|
1,347,367 |
413,016 |
||||||||||||
Realized gains (losses) on sale of investments |
(134,654 |
) |
(10,313 |
) |
126,974 |
||||||||||
Net realized gains (losses) |
(134,654 |
) |
1,337,054 |
539,990 |
|||||||||||
Change in unrealized gains (losses) on investments |
997,111 |
(3,035,257 |
) |
479,177 |
|||||||||||
Net realized and changes in unrealized gains (losses) on investments |
862,457 |
(1,698,203 |
) |
1,019,167 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
1,060,187 |
$ |
(1,435,755 |
) |
$ |
1,193,313 |
The accompanying notes are an integral part of these financial statements.
UL-45
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTI SSGA Growth ETF Division |
BHFTI T. Rowe Price Large Cap Value Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
168,682 |
$ |
264,992 |
$ |
155,639 |
$ |
71,634 |
$ |
66,039 |
$ |
71,598 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
8,288 |
8,234 |
8,646 |
|
|
|
|||||||||||||||||||||
Net investment income (loss) |
160,394 |
256,758 |
146,993 |
71,634 |
66,039 |
71,598 |
|||||||||||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||||||
Realized gain distributions |
419,688 |
1,474,333 |
489,151 |
499,306 |
438,989 |
3,978 |
|||||||||||||||||||||
Realized gains (losses) on sale of investments |
(276,515 |
) |
(41,687 |
) |
87,136 |
(2,454 |
) |
4,847 |
43,993 |
||||||||||||||||||
Net realized gains (losses) |
143,173 |
1,432,646 |
576,287 |
496,852 |
443,836 |
47,971 |
|||||||||||||||||||||
Change in unrealized gains (losses) on investments |
901,362 |
(3,262,842 |
) |
788,029 |
(233,257 |
) |
(694,411 |
) |
703,223 |
||||||||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
1,044,535 |
(1,830,196 |
) |
1,364,316 |
263,595 |
(250,575 |
) |
751,194 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
1,204,929 |
$ |
(1,573,438 |
) |
$ |
1,511,309 |
$ |
335,229 |
$ |
(184,536 |
) |
$ |
822,792 |
The accompanying notes are an integral part of these financial statements.
UL-46
BHFTI T. Rowe Price Mid Cap Growth Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
|
$ |
|
$ |
|
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
58,697 |
59,600 |
73,173 |
||||||||||||
Net investment income (loss) |
(58,697 |
) |
(59,600 |
) |
(73,173 |
) |
|||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
2,214,572 |
7,706,413 |
4,823,048 |
||||||||||||
Realized gains (losses) on sale of investments |
(428,920 |
) |
(257,519 |
) |
1,087,377 |
||||||||||
Net realized gains (losses) |
1,785,652 |
7,448,894 |
5,910,425 |
||||||||||||
Change in unrealized gains (losses) on investments |
6,504,434 |
(20,260,558 |
) |
1,850,226 |
|||||||||||
Net realized and changes in unrealized gains (losses) on investments |
8,290,086 |
(12,811,664 |
) |
7,760,651 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
8,231,389 |
$ |
(12,871,264 |
) |
$ |
7,687,478 |
The accompanying notes are an integral part of these financial statements.
UL-47
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTI Victory Sycamore Mid Cap Value Division |
BHFTII Baillie Gifford International Stock Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
1,824,255 |
$ |
2,122,304 |
$ |
1,486,014 |
$ |
564,015 |
$ |
498,850 |
$ |
574,301 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
95,536 |
98,907 |
103,075 |
188,264 |
191,756 |
274,317 |
|||||||||||||||||||||
Net investment income (loss) |
1,728,719 |
2,023,397 |
1,382,939 |
375,751 |
307,094 |
299,984 |
|||||||||||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||||||
Realized gain distributions |
12,183,228 |
13,223,962 |
3,052,083 |
|
3,880,401 |
5,908,168 |
|||||||||||||||||||||
Realized gains (losses) on sale of investments |
610,700 |
1,530,969 |
1,818,768 |
(558,301 |
) |
(312,395 |
) |
981,602 |
|||||||||||||||||||
Net realized gains (losses) |
12,793,928 |
14,754,931 |
4,870,851 |
(558,301 |
) |
3,568,006 |
6,889,770 |
||||||||||||||||||||
Change in unrealized gains (losses) on investments |
(3,706,209 |
) |
(20,038,123 |
) |
24,609,507 |
7,369,136 |
(20,556,457 |
) |
(7,825,840 |
) |
|||||||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
9,087,719 |
(5,283,192 |
) |
29,480,358 |
6,810,835 |
(16,988,451 |
) |
(936,070 |
) |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
10,816,438 |
$ |
(3,259,795 |
) |
$ |
30,863,297 |
$ |
7,186,586 |
$ |
(16,681,357 |
) |
$ |
(636,086 |
) |
The accompanying notes are an integral part of these financial statements.
UL-48
BHFTII BlackRock Bond Income Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
2,032,053 |
$ |
2,035,295 |
$ |
2,269,852 |
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
206,254 |
225,956 |
263,221 |
||||||||||||
Net investment income (loss) |
1,825,799 |
1,809,339 |
2,006,631 |
||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
|
83,354 |
1,612,711 |
||||||||||||
Realized gains (losses) on sale of investments |
(682,125 |
) |
(743,786 |
) |
167,345 |
||||||||||
Net realized gains (losses) |
(682,125 |
) |
(660,432 |
) |
1,780,056 |
||||||||||
Change in unrealized gains (losses) on investments |
2,338,747 |
(12,592,363 |
) |
(4,397,445 |
) |
||||||||||
Net realized and changes in unrealized gains (losses) on investments |
1,656,622 |
(13,252,795 |
) |
(2,617,389 |
) |
||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
3,482,421 |
$ |
(11,443,456 |
) |
$ |
(610,758 |
) |
The accompanying notes are an integral part of these financial statements.
UL-49
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTII BlackRock Capital Appreciation Division |
BHFTII BlackRock Ultra-Short Term Bond Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
8,786 |
$ |
|
$ |
|
$ |
388,116 |
$ |
|
$ |
79,330 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
29,866 |
27,322 |
32,796 |
23,384 |
24,961 |
26,988 |
|||||||||||||||||||||
Net investment income (loss) |
(21,080 |
) |
(27,322 |
) |
(32,796 |
) |
364,732 |
(24,961 |
) |
52,342 |
|||||||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||||||
Realized gain distributions |
406,173 |
5,293,979 |
3,165,922 |
446 |
|
|
|||||||||||||||||||||
Realized gains (losses) on sale of investments |
(355,527 |
) |
(307,253 |
) |
784,596 |
23,050 |
(7,828 |
) |
(35,468 |
) |
|||||||||||||||||
Net realized gains (losses) |
50,646 |
4,986,726 |
3,950,518 |
23,496 |
(7,828 |
) |
(35,468 |
) |
|||||||||||||||||||
Change in unrealized gains (losses) on investments |
8,222,129 |
(15,099,533 |
) |
713,678 |
732,977 |
336,633 |
(89,871 |
) |
|||||||||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
8,272,775 |
(10,112,807 |
) |
4,664,196 |
756,473 |
328,805 |
(125,339 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
8,251,695 |
$ |
(10,140,129 |
) |
$ |
4,631,400 |
$ |
1,121,205 |
$ |
303,844 |
$ |
(72,997 |
) |
The accompanying notes are an integral part of these financial statements.
UL-50
BHFTII Brighthouse Asset Allocation 20 Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
121,072 |
$ |
116,742 |
$ |
157,661 |
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
5,098 |
6,463 |
9,013 |
||||||||||||
Net investment income (loss) |
115,974 |
110,279 |
148,648 |
||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
71,523 |
107,174 |
61,659 |
||||||||||||
Realized gains (losses) on sale of investments |
(75,236 |
) |
(92,141 |
) |
61,198 |
||||||||||
Net realized gains (losses) |
(3,713 |
) |
15,033 |
122,857 |
|||||||||||
Change in unrealized gains (losses) on investments |
137,769 |
(671,321 |
) |
(87,582 |
) |
||||||||||
Net realized and changes in unrealized gains (losses) on investments |
134,056 |
(656,288 |
) |
35,275 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
250,030 |
$ |
(546,009 |
) |
$ |
183,923 |
The accompanying notes are an integral part of these financial statements.
UL-51
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTII Brighthouse Asset Allocation 40 Division |
BHFTII Brighthouse Asset Allocation 60 Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
350,076 |
$ |
288,533 |
$ |
338,545 |
$ |
1,881,603 |
$ |
1,390,665 |
$ |
1,505,134 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
13,852 |
15,138 |
17,919 |
77,493 |
79,578 |
91,658 |
|||||||||||||||||||||
Net investment income (loss) |
336,224 |
273,395 |
320,626 |
1,804,110 |
1,311,087 |
1,413,476 |
|||||||||||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||||||
Realized gain distributions |
493,090 |
555,229 |
414,922 |
4,561,287 |
4,369,459 |
3,355,143 |
|||||||||||||||||||||
Realized gains (losses) on sale of investments |
(260,312 |
) |
(113,893 |
) |
79,360 |
(442,836 |
) |
(281,147 |
) |
447,015 |
|||||||||||||||||
Net realized gains (losses) |
232,778 |
441,336 |
494,282 |
4,118,451 |
4,088,312 |
3,802,158 |
|||||||||||||||||||||
Change in unrealized gains (losses) on investments |
407,929 |
(2,329,581 |
) |
35,271 |
1,364,351 |
(15,439,414 |
) |
1,508,580 |
|||||||||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
640,707 |
(1,888,245 |
) |
529,553 |
5,482,802 |
(11,351,102 |
) |
5,310,738 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
976,931 |
$ |
(1,614,850 |
) |
$ |
850,179 |
$ |
7,286,912 |
$ |
(10,040,015 |
) |
$ |
6,724,214 |
The accompanying notes are an integral part of these financial statements.
UL-52
BHFTII Brighthouse Asset Allocation 80 Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
3,726,901 |
$ |
2,368,980 |
$ |
2,499,977 |
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
102,128 |
102,445 |
116,714 |
||||||||||||
Net investment income (loss) |
3,624,773 |
2,266,535 |
2,383,263 |
||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
13,179,041 |
10,651,368 |
8,582,666 |
||||||||||||
Realized gains (losses) on sale of investments |
(1,425,685 |
) |
64,750 |
1,489,416 |
|||||||||||
Net realized gains (losses) |
11,753,356 |
10,716,118 |
10,072,082 |
||||||||||||
Change in unrealized gains (losses) on investments |
2,667,347 |
(36,798,206 |
) |
5,588,656 |
|||||||||||
Net realized and changes in unrealized gains (losses) on investments |
14,420,703 |
(26,082,088 |
) |
15,660,738 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
18,045,476 |
$ |
(23,815,553 |
) |
$ |
18,044,001 |
The accompanying notes are an integral part of these financial statements.
UL-53
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTII Brighthouse/Artisan Mid Cap Value Division |
BHFTII Brighthouse/Wellington Balanced Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
569,173 |
$ |
663,818 |
$ |
694,726 |
$ |
7,120,587 |
$ |
5,917,327 |
$ |
7,150,851 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
55,560 |
58,767 |
67,105 |
1,682,071 |
1,766,815 |
2,019,781 |
|||||||||||||||||||||
Net investment income (loss) |
513,613 |
605,051 |
627,621 |
5,438,516 |
4,150,512 |
5,131,070 |
|||||||||||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||||||
Realized gain distributions |
8,648,912 |
10,044,787 |
1,584,381 |
2,503,943 |
46,151,659 |
33,436,852 |
|||||||||||||||||||||
Realized gains (losses) on sale of investments |
(36,838 |
) |
672,865 |
1,257,366 |
(1,046,634 |
) |
517,028 |
5,008,964 |
|||||||||||||||||||
Net realized gains (losses) |
8,612,074 |
10,717,652 |
2,841,747 |
1,457,309 |
46,668,687 |
38,445,816 |
|||||||||||||||||||||
Change in unrealized gains (losses) on investments |
2,446,559 |
(21,045,564 |
) |
13,633,038 |
46,724,160 |
(120,706,380 |
) |
5,661,022 |
|||||||||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
11,058,633 |
(10,327,912 |
) |
16,474,785 |
48,181,469 |
(74,037,693 |
) |
44,106,838 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
11,572,246 |
$ |
(9,722,861 |
) |
$ |
17,102,406 |
$ |
53,619,985 |
$ |
(69,887,181 |
) |
$ |
49,237,908 |
The accompanying notes are an integral part of these financial statements.
UL-54
BHFTII Brighthouse/Wellington Core Equity Opportunities Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
1,400,983 |
$ |
1,489,971 |
$ |
1,445,942 |
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
67,092 |
71,675 |
75,094 |
||||||||||||
Net investment income (loss) |
1,333,891 |
1,418,296 |
1,370,848 |
||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
10,342,743 |
18,337,046 |
5,279,880 |
||||||||||||
Realized gains (losses) on sale of investments |
(206,882 |
) |
765,654 |
1,336,655 |
|||||||||||
Net realized gains (losses) |
10,135,861 |
19,102,700 |
6,616,535 |
||||||||||||
Change in unrealized gains (losses) on investments |
(4,263,901 |
) |
(26,506,960 |
) |
14,772,340 |
||||||||||
Net realized and changes in unrealized gains (losses) on investments |
5,871,960 |
(7,404,260 |
) |
21,388,875 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
7,205,851 |
$ |
(5,985,964 |
) |
$ |
22,759,723 |
The accompanying notes are an integral part of these financial statements.
UL-55
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTII Frontier Mid Cap Growth Division |
BHFTII Jennison Growth Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
1,802,565 |
1,935,629 |
2,514,460 |
36,540 |
36,477 |
47,471 |
|||||||||||||||||||||
Net investment income (loss) |
(1,802,565 |
) |
(1,935,629 |
) |
(2,514,460 |
) |
(36,540 |
) |
(36,477 |
) |
(47,471 |
) |
|||||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||||||
Realized gain distributions |
|
82,370,850 |
48,719,945 |
|
10,471,163 |
13,731,985 |
|||||||||||||||||||||
Realized gains (losses) on sale of investments |
(3,560,436 |
) |
(662,263 |
) |
8,113,010 |
(625,927 |
) |
(552,206 |
) |
3,391,629 |
|||||||||||||||||
Net realized gains (losses) |
(3,560,436 |
) |
81,708,587 |
56,832,955 |
(625,927 |
) |
9,918,957 |
17,123,614 |
|||||||||||||||||||
Change in unrealized gains (losses) on investments |
48,649,081 |
(187,292,218 |
) |
(6,118,297 |
) |
19,882,520 |
(34,198,376 |
) |
(6,638,182 |
) |
|||||||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
45,088,645 |
(105,583,631 |
) |
50,714,658 |
19,256,593 |
(24,279,419 |
) |
10,485,432 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
43,286,080 |
$ |
(107,519,260 |
) |
$ |
48,200,198 |
$ |
19,220,053 |
$ |
(24,315,896 |
) |
$ |
10,437,961 |
The accompanying notes are an integral part of these financial statements.
UL-56
BHFTII Loomis Sayles Small Cap Core Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
52,566 |
$ |
|
$ |
26,040 |
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
26,373 |
27,059 |
31,363 |
||||||||||||
Net investment income (loss) |
26,193 |
(27,059 |
) |
(5,323 |
) |
||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
1,281,203 |
5,158,765 |
1,891,834 |
||||||||||||
Realized gains (losses) on sale of investments |
(146,106 |
) |
95 |
515,144 |
|||||||||||
Net realized gains (losses) |
1,135,097 |
5,158,860 |
2,406,978 |
||||||||||||
Change in unrealized gains (losses) on investments |
3,226,297 |
(10,113,360 |
) |
3,710,756 |
|||||||||||
Net realized and changes in unrealized gains (losses) on investments |
4,361,394 |
(4,954,500 |
) |
6,117,734 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
4,387,587 |
$ |
(4,981,559 |
) |
$ |
6,112,411 |
The accompanying notes are an integral part of these financial statements.
UL-57
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTII Loomis Sayles Small Cap Growth Division |
BHFTII MetLife Aggregate Bond Index Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
|
$ |
|
$ |
|
$ |
4,076,719 |
$ |
4,165,512 |
$ |
3,924,150 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
10,393 |
10,827 |
14,666 |
33,151 |
35,510 |
41,534 |
|||||||||||||||||||||
Net investment income (loss) |
(10,393 |
) |
(10,827 |
) |
(14,666 |
) |
4,043,568 |
4,130,002 |
3,882,616 |
||||||||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||||||
Realized gain distributions |
|
3,067,403 |
1,640,694 |
|
|
|
|||||||||||||||||||||
Realized gains (losses) on sale of investments |
(139,943 |
) |
(149,873 |
) |
528,435 |
(2,061,924 |
) |
(1,795,568 |
) |
133,685 |
|||||||||||||||||
Net realized gains (losses) |
(139,943 |
) |
2,917,530 |
2,169,129 |
(2,061,924 |
) |
(1,795,568 |
) |
133,685 |
||||||||||||||||||
Change in unrealized gains (losses) on investments |
1,680,796 |
(7,099,693 |
) |
(421,818 |
) |
5,191,491 |
(23,899,451 |
) |
(6,996,622 |
) |
|||||||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
1,540,853 |
(4,182,163 |
) |
1,747,311 |
3,129,567 |
(25,695,019 |
) |
(6,862,937 |
) |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
1,530,460 |
$ |
(4,192,990 |
) |
$ |
1,732,645 |
$ |
7,173,135 |
$ |
(21,565,017 |
) |
$ |
(2,980,321 |
) |
The accompanying notes are an integral part of these financial statements.
UL-58
BHFTII MetLife Mid Cap Stock Index Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
1,467,945 |
$ |
1,299,104 |
$ |
1,407,346 |
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
74,844 |
77,374 |
88,670 |
||||||||||||
Net investment income (loss) |
1,393,101 |
1,221,730 |
1,318,676 |
||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
7,075,898 |
18,681,228 |
6,165,233 |
||||||||||||
Realized gains (losses) on sale of investments |
(74,648 |
) |
897,704 |
3,685,608 |
|||||||||||
Net realized gains (losses) |
7,001,250 |
19,578,932 |
9,850,841 |
||||||||||||
Change in unrealized gains (losses) on investments |
8,544,887 |
(38,563,519 |
) |
16,510,327 |
|||||||||||
Net realized and changes in unrealized gains (losses) on investments |
15,546,137 |
(18,984,587 |
) |
26,361,168 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
16,939,238 |
$ |
(17,762,857 |
) |
$ |
27,679,844 |
The accompanying notes are an integral part of these financial statements.
UL-59
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTII MetLife MSCI EAFE®​ Index Division |
BHFTII MetLife Russell 2000®​ Index Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
2,566,943 |
$ |
3,750,308 |
$ |
2,024,586 |
$ |
1,101,917 |
$ |
930,787 |
$ |
1,045,599 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
39,730 |
38,690 |
45,301 |
52,398 |
57,145 |
69,009 |
|||||||||||||||||||||
Net investment income (loss) |
2,527,213 |
3,711,618 |
1,979,285 |
1,049,519 |
873,642 |
976,590 |
|||||||||||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||||||
Realized gain distributions |
|
2,644,726 |
|
1,448,529 |
15,364,360 |
5,261,059 |
|||||||||||||||||||||
Realized gains (losses) on sale of investments |
1,161,300 |
488,336 |
1,567,680 |
(230,310 |
) |
325,223 |
3,350,941 |
||||||||||||||||||||
Net realized gains (losses) |
1,161,300 |
3,133,062 |
1,567,680 |
1,218,219 |
15,689,583 |
8,612,000 |
|||||||||||||||||||||
Change in unrealized gains (losses) on investments |
13,229,814 |
(23,369,773 |
) |
7,727,026 |
11,056,087 |
(37,571,681 |
) |
4,071,944 |
|||||||||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
14,391,114 |
(20,236,711 |
) |
9,294,706 |
12,274,306 |
(21,882,098 |
) |
12,683,944 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
16,918,327 |
$ |
(16,525,093 |
) |
$ |
11,273,991 |
$ |
13,323,825 |
$ |
(21,008,456 |
) |
$ |
13,660,534 |
The accompanying notes are an integral part of these financial statements.
UL-60
BHFTII MetLife Stock Index Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
20,366,257 |
$ |
18,662,595 |
$ |
23,491,758 |
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
3,012,303 |
3,053,679 |
3,333,508 |
||||||||||||
Net investment income (loss) |
17,353,954 |
15,608,916 |
20,158,250 |
||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
96,201,793 |
129,635,051 |
95,283,480 |
||||||||||||
Realized gains (losses) on sale of investments |
24,236,383 |
23,582,788 |
41,256,626 |
||||||||||||
Net realized gains (losses) |
120,438,176 |
153,217,839 |
136,540,106 |
||||||||||||
Change in unrealized gains (losses) on investments |
196,570,065 |
(481,618,289 |
) |
229,936,134 |
|||||||||||
Net realized and changes in unrealized gains (losses) on investments |
317,008,241 |
(328,400,450 |
) |
366,476,240 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
334,362,195 |
$ |
(312,791,534 |
) |
$ |
386,634,490 |
The accompanying notes are an integral part of these financial statements.
UL-61
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTII MFS®​ Total Return Division |
BHFTII MFS®​ Value Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
228,097 |
$ |
185,788 |
$ |
210,076 |
$ |
2,353,435 |
$ |
2,234,214 |
$ |
2,165,550 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
9,287 |
9,906 |
11,026 |
99,796 |
105,336 |
112,530 |
|||||||||||||||||||||
Net investment income (loss) |
218,810 |
175,882 |
199,050 |
2,253,639 |
2,128,878 |
2,053,020 |
|||||||||||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||||||
Realized gain distributions |
535,736 |
1,008,693 |
676,114 |
14,871,348 |
18,539,537 |
1,422,852 |
|||||||||||||||||||||
Realized gains (losses) on sale of investments |
(54,093 |
) |
4,753 |
227,017 |
(275,433 |
) |
861,664 |
2,411,579 |
|||||||||||||||||||
Net realized gains (losses) |
481,643 |
1,013,446 |
903,131 |
14,595,915 |
19,401,201 |
3,834,431 |
|||||||||||||||||||||
Change in unrealized gains (losses) on investments |
337,017 |
(2,312,792 |
) |
399,170 |
(6,912,633 |
) |
(30,558,662 |
) |
25,108,361 |
||||||||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
818,660 |
(1,299,346 |
) |
1,302,301 |
7,683,282 |
(11,157,461 |
) |
28,942,792 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
1,037,470 |
$ |
(1,123,464 |
) |
$ |
1,501,351 |
$ |
9,936,921 |
$ |
(9,028,583 |
) |
$ |
30,995,812 |
The accompanying notes are an integral part of these financial statements.
UL-62
BHFTII Neuberger Berman Genesis Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
174,621 |
$ |
|
$ |
123,838 |
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
107,718 |
111,888 |
131,958 |
||||||||||||
Net investment income (loss) |
66,903 |
(111,888 |
) |
(8,120 |
) |
||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
11,859,701 |
23,827,160 |
10,334,241 |
||||||||||||
Realized gains (losses) on sale of investments |
383,964 |
1,059,005 |
3,677,281 |
||||||||||||
Net realized gains (losses) |
12,243,665 |
24,886,165 |
14,011,522 |
||||||||||||
Change in unrealized gains (losses) on investments |
7,333,401 |
(57,421,782 |
) |
13,338,038 |
|||||||||||
Net realized and changes in unrealized gains (losses) on investments |
19,577,066 |
(32,535,617 |
) |
27,349,560 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
19,643,969 |
$ |
(32,647,505 |
) |
$ |
27,341,440 |
The accompanying notes are an integral part of these financial statements.
UL-63
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTII T. Rowe Price Large Cap Growth Division |
BHFTII T. Rowe Price Small Cap Growth Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
|
$ |
|
$ |
|
$ |
74,082 |
$ |
297,132 |
$ |
59,796 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
93,657 |
95,719 |
128,436 |
462,148 |
473,525 |
595,653 |
|||||||||||||||||||||
Net investment income (loss) |
(93,657 |
) |
(95,719 |
) |
(128,436 |
) |
(388,066 |
) |
(176,393 |
) |
(535,857 |
) |
|||||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||||||
Realized gain distributions |
|
25,492,790 |
18,113,168 |
3,237,379 |
25,148,731 |
17,855,186 |
|||||||||||||||||||||
Realized gains (losses) on sale of investments |
(831,665 |
) |
(297,504 |
) |
4,151,718 |
(601,233 |
) |
74,646 |
3,927,740 |
||||||||||||||||||
Net realized gains (losses) |
(831,665 |
) |
25,195,286 |
22,264,886 |
2,636,146 |
25,223,377 |
21,782,926 |
||||||||||||||||||||
Change in unrealized gains (losses) on investments |
47,786,640 |
(96,271,789 |
) |
8,318,298 |
24,029,801 |
(64,055,712 |
) |
(2,889,313 |
) |
||||||||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
46,954,975 |
(71,076,503 |
) |
30,583,184 |
26,665,947 |
(38,832,335 |
) |
18,893,613 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
46,861,318 |
$ |
(71,172,222 |
) |
$ |
30,454,748 |
$ |
26,277,881 |
$ |
(39,008,728 |
) |
$ |
18,357,756 |
The accompanying notes are an integral part of these financial statements.
UL-64
BHFTII VanEck Global Natural Resources Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
12,190 |
$ |
11,613 |
$ |
5,007 |
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
|
|
|
||||||||||||
Net investment income (loss) |
12,190 |
11,613 |
5,007 |
||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
|
|
|
||||||||||||
Realized gains (losses) on sale of investments |
17,458 |
45,101 |
15,225 |
||||||||||||
Net realized gains (losses) |
17,458 |
45,101 |
15,225 |
||||||||||||
Change in unrealized gains (losses) on investments |
(41,068 |
) |
(10,439 |
) |
44,125 |
||||||||||
Net realized and changes in unrealized gains (losses) on investments |
(23,610 |
) |
34,662 |
59,350 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
(11,420 |
) |
$ |
46,275 |
$ |
64,357 |
The accompanying notes are an integral part of these financial statements.
UL-65
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTII Western Asset Management Strategic Bond Opportunities Division |
BHFTII Western Asset Management U.S. Government Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
2,941,251 |
$ |
2,913,498 |
$ |
2,069,705 |
$ |
366,079 |
$ |
374,659 |
$ |
511,884 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
59,850 |
66,460 |
78,102 |
18,330 |
18,354 |
18,877 |
|||||||||||||||||||||
Net investment income (loss) |
2,881,401 |
2,847,038 |
1,991,603 |
347,749 |
356,305 |
493,007 |
|||||||||||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||||||
Realized gain distributions |
|
|
|
|
|
|
|||||||||||||||||||||
Realized gains (losses) on sale of investments |
(616,372 |
) |
(475,552 |
) |
260,202 |
(261,962 |
) |
(335,381 |
) |
(11,455 |
) |
||||||||||||||||
Net realized gains (losses) |
(616,372 |
) |
(475,552 |
) |
260,202 |
(261,962 |
) |
(335,381 |
) |
(11,455 |
) |
||||||||||||||||
Change in unrealized gains (losses) on investments |
1,732,783 |
(11,619,678 |
) |
(782,637 |
) |
618,669 |
(1,670,214 |
) |
(797,080 |
) |
|||||||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
1,116,411 |
(12,095,230 |
) |
(522,435 |
) |
356,707 |
(2,005,595 |
) |
(808,535 |
) |
|||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
3,997,812 |
$ |
(9,248,192 |
) |
$ |
1,469,168 |
$ |
704,456 |
$ |
(1,649,290 |
) |
$ |
(315,528 |
) |
The accompanying notes are an integral part of these financial statements.
UL-66
Fidelity®​ VIP Asset Manager: Growth Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
40,027 |
$ |
39,642 |
$ |
34,631 |
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
|
|
|
||||||||||||
Net investment income (loss) |
40,027 |
39,642 |
34,631 |
||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
|
148,921 |
36,892 |
||||||||||||
Realized gains (losses) on sale of investments |
12,006 |
18,407 |
35,380 |
||||||||||||
Net realized gains (losses) |
12,006 |
167,328 |
72,272 |
||||||||||||
Change in unrealized gains (losses) on investments |
289,426 |
(659,729 |
) |
223,941 |
|||||||||||
Net realized and changes in unrealized gains (losses) on investments |
301,432 |
(492,401 |
) |
296,213 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
341,459 |
$ |
(452,759 |
) |
$ |
330,844 |
The accompanying notes are an integral part of these financial statements.
UL-67
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the years ended December 31, 2023, 2022 and 2021
Fidelity®​ VIP Contrafund®​ Division |
Fidelity®​ VIP Equity-Income Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
16,301 |
$ |
16,346 |
$ |
2,208 |
$ |
11,451 |
$ |
10,864 |
$ |
9,295 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
|
|
|
|
|
|
|||||||||||||||||||||
Net investment income (loss) |
16,301 |
16,346 |
2,208 |
11,451 |
10,864 |
9,295 |
|||||||||||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||||||
Realized gain distributions |
147,531 |
195,808 |
595,164 |
18,136 |
20,080 |
50,593 |
|||||||||||||||||||||
Realized gains (losses) on sale of investments |
60,828 |
81,344 |
74,174 |
(483 |
) |
(3,030 |
) |
192 |
|||||||||||||||||||
Net realized gains (losses) |
208,359 |
277,152 |
669,338 |
17,653 |
17,050 |
50,785 |
|||||||||||||||||||||
Change in unrealized gains (losses) on investments |
955,029 |
(1,637,622 |
) |
481,333 |
33,190 |
(60,315 |
) |
1,237 |
|||||||||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
1,163,388 |
(1,360,470 |
) |
1,150,671 |
50,843 |
(43,265 |
) |
52,022 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
1,179,689 |
$ |
(1,344,124 |
) |
$ |
1,152,879 |
$ |
62,294 |
$ |
(32,401 |
) |
$ |
61,317 |
The accompanying notes are an integral part of these financial statements.
UL-68
Fidelity®​ VIP Freedom 2010 Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
6,058 |
$ |
3,450 |
$ |
1,873 |
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
|
|
|
||||||||||||
Net investment income (loss) |
6,058 |
3,450 |
1,873 |
||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
10,253 |
9,488 |
5,954 |
||||||||||||
Realized gains (losses) on sale of investments |
(4,148 |
) |
(1,938 |
) |
1,719 |
||||||||||
Net realized gains (losses) |
6,105 |
7,550 |
7,673 |
||||||||||||
Change in unrealized gains (losses) on investments |
1,708 |
(35,001 |
) |
524 |
|||||||||||
Net realized and changes in unrealized gains (losses) on investments |
7,813 |
(27,451 |
) |
8,197 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
13,871 |
$ |
(24,001 |
) |
$ |
10,070 |
The accompanying notes are an integral part of these financial statements.
UL-69
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the years ended December 31, 2023, 2022 and 2021
Fidelity®​ VIP Freedom 2020 Division |
Fidelity®​ VIP Freedom 2025 Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
22,951 |
$ |
15,220 |
$ |
8,783 |
$ |
18,352 |
$ |
12,684 |
$ |
7,319 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
|
|
|
|
|
|
|||||||||||||||||||||
Net investment income (loss) |
22,951 |
15,220 |
8,783 |
18,352 |
12,684 |
7,319 |
|||||||||||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||||||
Realized gain distributions |
4,896 |
73,576 |
40,159 |
|
40,715 |
23,717 |
|||||||||||||||||||||
Realized gains (losses) on sale of investments |
(6,899 |
) |
(12,407 |
) |
8,329 |
2,198 |
2,079 |
3,959 |
|||||||||||||||||||
Net realized gains (losses) |
(2,003 |
) |
61,169 |
48,488 |
2,198 |
42,794 |
27,676 |
||||||||||||||||||||
Change in unrealized gains (losses) on investments |
62,274 |
(207,090 |
) |
12,505 |
60,078 |
(172,305 |
) |
34,384 |
|||||||||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
60,271 |
(145,921 |
) |
60,993 |
62,276 |
(129,511 |
) |
62,060 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
83,222 |
$ |
(130,701 |
) |
$ |
69,776 |
$ |
80,628 |
$ |
(116,827 |
) |
$ |
69,379 |
The accompanying notes are an integral part of these financial statements.
UL-70
Fidelity®​ VIP Freedom 2030 Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
11,147 |
$ |
8,244 |
$ |
4,365 |
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
|
|
|
||||||||||||
Net investment income (loss) |
11,147 |
8,244 |
4,365 |
||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
|
25,536 |
17,903 |
||||||||||||
Realized gains (losses) on sale of investments |
(11,253 |
) |
(13,071 |
) |
38,625 |
||||||||||
Net realized gains (losses) |
(11,253 |
) |
12,465 |
56,528 |
|||||||||||
Change in unrealized gains (losses) on investments |
58,905 |
(95,126 |
) |
(7,649 |
) |
||||||||||
Net realized and changes in unrealized gains (losses) on investments |
47,652 |
(82,661 |
) |
48,879 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
58,799 |
$ |
(74,417 |
) |
$ |
53,244 |
The accompanying notes are an integral part of these financial statements.
UL-71
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the years ended December 31, 2023, 2022 and 2021
Fidelity®​ VIP Freedom 2040 Division |
Fidelity®​ VIP Freedom 2050 Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
7,669 |
$ |
7,835 |
$ |
4,555 |
$ |
3,967 |
$ |
3,876 |
$ |
2,256 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
|
|
|
|
|
|
|||||||||||||||||||||
Net investment income (loss) |
7,669 |
7,835 |
4,555 |
3,967 |
3,876 |
2,256 |
|||||||||||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||||||
Realized gain distributions |
6,797 |
37,441 |
21,478 |
3,713 |
18,368 |
9,312 |
|||||||||||||||||||||
Realized gains (losses) on sale of investments |
(1,344 |
) |
(6,516 |
) |
49,979 |
(1,949 |
) |
(6,100 |
) |
31,286 |
|||||||||||||||||
Net realized gains (losses) |
5,453 |
30,925 |
71,457 |
1,764 |
12,268 |
40,598 |
|||||||||||||||||||||
Change in unrealized gains (losses) on investments |
70,763 |
(131,477 |
) |
11,939 |
39,985 |
(61,890 |
) |
1,469 |
|||||||||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
76,216 |
(100,552 |
) |
83,396 |
41,749 |
(49,622 |
) |
42,067 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
83,885 |
$ |
(92,717 |
) |
$ |
87,951 |
$ |
45,716 |
$ |
(45,746 |
) |
$ |
44,323 |
The accompanying notes are an integral part of these financial statements.
UL-72
Fidelity®​ VIP Government Money Market Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
318,534 |
$ |
85,076 |
$ |
519 |
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
|
|
|
||||||||||||
Net investment income (loss) |
318,534 |
85,076 |
519 |
||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
|
|
|
||||||||||||
Realized gains (losses) on sale of investments |
|
|
|
||||||||||||
Net realized gains (losses) |
|
|
|
||||||||||||
Change in unrealized gains (losses) on investments |
|
|
|
||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
|
|
|
||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
318,534 |
$ |
85,076 |
$ |
519 |
The accompanying notes are an integral part of these financial statements.
UL-73
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the years ended December 31, 2023, 2022 and 2021
Fidelity®​ VIP High Income Division |
Fidelity®​ VIP Investment Grade Bond Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
959 |
$ |
857 |
$ |
4,743 |
$ |
26,007 |
$ |
22,445 |
$ |
18,182 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
|
|
|
|
|
|
|||||||||||||||||||||
Net investment income (loss) |
959 |
857 |
4,743 |
26,007 |
22,445 |
18,182 |
|||||||||||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||||||
Realized gain distributions |
|
|
|
|
52,677 |
20,540 |
|||||||||||||||||||||
Realized gains (losses) on sale of investments |
(96 |
) |
(54 |
) |
(11,667 |
) |
(10,728 |
) |
(10,480 |
) |
526 |
||||||||||||||||
Net realized gains (losses) |
(96 |
) |
(54 |
) |
(11,667 |
) |
(10,728 |
) |
42,197 |
21,066 |
|||||||||||||||||
Change in unrealized gains (losses) on investments |
806 |
(2,727 |
) |
13,393 |
43,728 |
(205,509 |
) |
(27,592 |
) |
||||||||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
710 |
(2,781 |
) |
1,726 |
33,000 |
(163,312 |
) |
(6,526 |
) |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
1,669 |
$ |
(1,924 |
) |
$ |
6,469 |
$ |
59,007 |
$ |
(140,867 |
) |
$ |
11,656 |
The accompanying notes are an integral part of these financial statements.
UL-74
Fidelity®​ VIP Mid Cap Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
1,232 |
$ |
846 |
$ |
1,230 |
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
|
|
|
||||||||||||
Net investment income (loss) |
1,232 |
846 |
1,230 |
||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
9,162 |
21,267 |
55,978 |
||||||||||||
Realized gains (losses) on sale of investments |
147 |
259 |
5,577 |
||||||||||||
Net realized gains (losses) |
9,309 |
21,526 |
61,555 |
||||||||||||
Change in unrealized gains (losses) on investments |
33,376 |
(76,123 |
) |
11,950 |
|||||||||||
Net realized and changes in unrealized gains (losses) on investments |
42,685 |
(54,597 |
) |
73,505 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
43,917 |
$ |
(53,751 |
) |
$ |
74,735 |
The accompanying notes are an integral part of these financial statements.
UL-75
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the years ended December 31, 2023, 2022 and 2021
FTVIPT Franklin Income VIP Division |
FTVIPT Franklin Mutual Global Discovery VIP Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
414 |
$ |
412 |
$ |
425 |
$ |
2,742 |
$ |
1,418 |
$ |
2,717 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
|
|
|
|
|
|
|||||||||||||||||||||
Net investment income (loss) |
414 |
412 |
425 |
2,742 |
1,418 |
2,717 |
|||||||||||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||||||
Realized gain distributions |
501 |
167 |
|
5,967 |
8,477 |
|
|||||||||||||||||||||
Realized gains (losses) on sale of investments |
(28 |
) |
20 |
135 |
(1,011 |
) |
(57 |
) |
12,416 |
||||||||||||||||||
Net realized gains (losses) |
473 |
187 |
135 |
4,956 |
8,420 |
12,416 |
|||||||||||||||||||||
Change in unrealized gains (losses) on investments |
(220 |
) |
(1,093 |
) |
961 |
11,252 |
(14,834 |
) |
84,002 |
||||||||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
253 |
(906 |
) |
1,096 |
16,208 |
(6,414 |
) |
96,418 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
667 |
$ |
(494 |
) |
$ |
1,521 |
$ |
18,950 |
$ |
(4,996 |
) |
$ |
99,135 |
The accompanying notes are an integral part of these financial statements.
UL-76
FTVIPT Franklin Mutual Shares VIP Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
1,493 |
$ |
1,623 |
$ |
2,833 |
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
|
|
|
||||||||||||
Net investment income (loss) |
1,493 |
1,623 |
2,833 |
||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
6,870 |
9,802 |
|
||||||||||||
Realized gains (losses) on sale of investments |
(6,061 |
) |
(385 |
) |
(9 |
) |
|||||||||
Net realized gains (losses) |
809 |
9,417 |
(9 |
) |
|||||||||||
Change in unrealized gains (losses) on investments |
8,256 |
(18,112 |
) |
14,028 |
|||||||||||
Net realized and changes in unrealized gains (losses) on investments |
9,065 |
(8,695 |
) |
14,019 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
10,558 |
$ |
(7,072 |
) |
$ |
16,852 |
The accompanying notes are an integral part of these financial statements.
UL-77
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the years ended December 31, 2023, 2022 and 2021
FTVIPT Templeton Foreign VIP Division |
FTVIPT Templeton Global Bond VIP Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
199,458 |
$ |
178,136 |
$ |
120,502 |
$ |
|
$ |
|
$ |
|
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
|
|
|
|
|
|
|||||||||||||||||||||
Net investment income (loss) |
199,458 |
178,136 |
120,502 |
|
|
|
|||||||||||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||||||
Realized gain distributions |
|
|
|
|
|
|
|||||||||||||||||||||
Realized gains (losses) on sale of investments |
(64,565 |
) |
(16,737 |
) |
2,452 |
(9,405 |
) |
(24,349 |
) |
(5,752 |
) |
||||||||||||||||
Net realized gains (losses) |
(64,565 |
) |
(16,737 |
) |
2,452 |
(9,405 |
) |
(24,349 |
) |
(5,752 |
) |
||||||||||||||||
Change in unrealized gains (losses) on investments |
970,272 |
(591,489 |
) |
122,188 |
42,010 |
(28,050 |
) |
(47,292 |
) |
||||||||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
905,707 |
(608,226 |
) |
124,640 |
32,605 |
(52,399 |
) |
(53,044 |
) |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
1,105,165 |
$ |
(430,090 |
) |
$ |
245,142 |
$ |
32,605 |
$ |
(52,399 |
) |
$ |
(53,044 |
) |
The accompanying notes are an integral part of these financial statements.
UL-78
Goldman Sachs Small Cap Equity Insights Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
34 |
$ |
38 |
$ |
103 |
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
|
|
|
||||||||||||
Net investment income (loss) |
34 |
38 |
103 |
||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
|
127 |
4,878 |
||||||||||||
Realized gains (losses) on sale of investments |
(50 |
) |
59 |
2,258 |
|||||||||||
Net realized gains (losses) |
(50 |
) |
186 |
7,136 |
|||||||||||
Change in unrealized gains (losses) on investments |
1,164 |
(4,151 |
) |
(1,923 |
) |
||||||||||
Net realized and changes in unrealized gains (losses) on investments |
1,114 |
(3,965 |
) |
5,213 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
1,148 |
$ |
(3,927 |
) |
$ |
5,316 |
The accompanying notes are an integral part of these financial statements.
UL-79
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the years ended December 31, 2023, 2022 and 2021
Invesco V.I. Comstock Division |
Invesco V.I. EQV International Equity Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
2,113 |
$ |
1,228 |
$ |
1,386 |
$ |
797 |
$ |
7,076 |
$ |
6,245 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
|
|
|
|
|
|
|||||||||||||||||||||
Net investment income (loss) |
2,113 |
1,228 |
1,386 |
797 |
7,076 |
6,245 |
|||||||||||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||||||
Realized gain distributions |
15,218 |
2,801 |
|
298 |
45,133 |
32,980 |
|||||||||||||||||||||
Realized gains (losses) on sale of investments |
1,625 |
449 |
129,400 |
(2,091 |
) |
(2,208 |
) |
4,862 |
|||||||||||||||||||
Net realized gains (losses) |
16,843 |
3,250 |
129,400 |
(1,793 |
) |
42,925 |
37,842 |
||||||||||||||||||||
Change in unrealized gains (losses) on investments |
(4,403 |
) |
(3,745 |
) |
25,084 |
67,689 |
(136,776 |
) |
(17,233 |
) |
|||||||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
12,440 |
(495 |
) |
154,484 |
65,896 |
(93,851 |
) |
20,609 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
14,553 |
$ |
733 |
$ |
155,870 |
$ |
66,693 |
$ |
(86,775 |
) |
$ |
26,854 |
The accompanying notes are an integral part of these financial statements.
UL-80
Janus Henderson Balanced Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
27,978 |
$ |
17,550 |
$ |
11,727 |
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
|
|
|
||||||||||||
Net investment income (loss) |
27,978 |
17,550 |
11,727 |
||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
|
46,306 |
12,876 |
||||||||||||
Realized gains (losses) on sale of investments |
45,807 |
12,337 |
13,540 |
||||||||||||
Net realized gains (losses) |
45,807 |
58,643 |
26,416 |
||||||||||||
Change in unrealized gains (losses) on investments |
150,801 |
(385,654 |
) |
235,076 |
|||||||||||
Net realized and changes in unrealized gains (losses) on investments |
196,608 |
(327,011 |
) |
261,492 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
224,586 |
$ |
(309,461 |
) |
$ |
273,219 |
The accompanying notes are an integral part of these financial statements.
UL-81
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the years ended December 31, 2023, 2022 and 2021
Janus Henderson Enterprise Division |
Janus Henderson Forty Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
193 |
$ |
202 |
$ |
769 |
$ |
803 |
$ |
304 |
$ |
|
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
|
|
|
|
|
|
|||||||||||||||||||||
Net investment income (loss) |
193 |
202 |
769 |
803 |
304 |
|
|||||||||||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||||||
Realized gain distributions |
15,188 |
44,200 |
29,024 |
|
100,199 |
93,752 |
|||||||||||||||||||||
Realized gains (losses) on sale of investments |
(1,994 |
) |
4,063 |
41,970 |
(1,625 |
) |
(1,415 |
) |
2,599 |
||||||||||||||||||
Net realized gains (losses) |
13,194 |
48,263 |
70,994 |
(1,625 |
) |
98,784 |
96,351 |
||||||||||||||||||||
Change in unrealized gains (losses) on investments |
20,903 |
(97,297 |
) |
(19,152 |
) |
208,396 |
(370,338 |
) |
53,388 |
||||||||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
34,097 |
(49,034 |
) |
51,842 |
206,771 |
(271,554 |
) |
149,739 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
34,290 |
$ |
(48,832 |
) |
$ |
52,611 |
$ |
207,574 |
$ |
(271,250 |
) |
$ |
149,739 |
The accompanying notes are an integral part of these financial statements.
UL-82
Janus Henderson Research Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
829 |
$ |
855 |
$ |
623 |
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
|
|
|
||||||||||||
Net investment income (loss) |
829 |
855 |
623 |
||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
|
94,501 |
31,284 |
||||||||||||
Realized gains (losses) on sale of investments |
1,053 |
1,132 |
2,151 |
||||||||||||
Net realized gains (losses) |
1,053 |
95,633 |
33,435 |
||||||||||||
Change in unrealized gains (losses) on investments |
202,141 |
(299,888 |
) |
81,603 |
|||||||||||
Net realized and changes in unrealized gains (losses) on investments |
203,194 |
(204,255 |
) |
115,038 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
204,023 |
$ |
(203,400 |
) |
$ |
115,661 |
The accompanying notes are an integral part of these financial statements.
UL-83
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the years ended December 31, 2023, 2022 and 2021
MFS®​ VIT Global Equity Division |
MFS®​ VIT New Discovery Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
725 |
$ |
303 |
$ |
700 |
$ |
|
$ |
|
$ |
|
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
|
|
|
|
|
|
|||||||||||||||||||||
Net investment income (loss) |
725 |
303 |
700 |
|
|
|
|||||||||||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||||||
Realized gain distributions |
6,416 |
13,761 |
9,716 |
|
8,576 |
6,270 |
|||||||||||||||||||||
Realized gains (losses) on sale of investments |
(621 |
) |
40 |
296 |
(715 |
) |
(441 |
) |
571 |
||||||||||||||||||
Net realized gains (losses) |
5,795 |
13,801 |
10,012 |
(715 |
) |
8,135 |
6,841 |
||||||||||||||||||||
Change in unrealized gains (losses) on investments |
10,742 |
(43,676 |
) |
12,859 |
3,680 |
(17,884 |
) |
(6,217 |
) |
||||||||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
16,537 |
(29,875 |
) |
22,871 |
2,965 |
(9,749 |
) |
624 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
17,262 |
$ |
(29,572 |
) |
$ |
23,571 |
$ |
2,965 |
$ |
(9,749 |
) |
$ |
624 |
The accompanying notes are an integral part of these financial statements.
UL-84
MFS®​ VIT II High Yield Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
8,930 |
$ |
8,586 |
$ |
8,360 |
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
|
|
|
||||||||||||
Net investment income (loss) |
8,930 |
8,586 |
8,360 |
||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
|
|
|
||||||||||||
Realized gains (losses) on sale of investments |
(803 |
) |
(614 |
) |
(139 |
) |
|||||||||
Net realized gains (losses) |
(803 |
) |
(614 |
) |
(139 |
) |
|||||||||
Change in unrealized gains (losses) on investments |
10,928 |
(26,983 |
) |
(2,893 |
) |
||||||||||
Net realized and changes in unrealized gains (losses) on investments |
10,125 |
(27,597 |
) |
(3,032 |
) |
||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
19,055 |
$ |
(19,011 |
) |
$ |
5,328 |
The accompanying notes are an integral part of these financial statements.
UL-85
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the years ended December 31, 2023, 2022 and 2021
Morgan Stanley VIF Emerging Markets Debt Division |
Morgan Stanley VIF Emerging Markets Equity Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
44,972 |
$ |
40,256 |
$ |
37,404 |
$ |
69,083 |
$ |
19,014 |
$ |
47,349 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
|
|
|
|
|
|
|||||||||||||||||||||
Net investment income (loss) |
44,972 |
40,256 |
37,404 |
69,083 |
19,014 |
47,349 |
|||||||||||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||||||
Realized gain distributions |
|
|
|
74,780 |
459,248 |
|
|||||||||||||||||||||
Realized gains (losses) on sale of investments |
(24,412 |
) |
(5,163 |
) |
(4,949 |
) |
(20,178 |
) |
(13,989 |
) |
81,302 |
||||||||||||||||
Net realized gains (losses) |
(24,412 |
) |
(5,163 |
) |
(4,949 |
) |
54,602 |
445,259 |
81,302 |
||||||||||||||||||
Change in unrealized gains (losses) on investments |
36,878 |
(155,964 |
) |
(43,369 |
) |
359,111 |
(1,859,803 |
) |
293 |
||||||||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
12,466 |
(161,127 |
) |
(48,318 |
) |
413,713 |
(1,414,544 |
) |
81,595 |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
57,438 |
$ |
(120,871 |
) |
$ |
(10,914 |
) |
$ |
482,796 |
$ |
(1,395,530 |
) |
$ |
128,944 |
The accompanying notes are an integral part of these financial statements.
UL-86
PIMCO VIT All Asset Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
779 |
$ |
2,061 |
$ |
3,073 |
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
|
|
|
||||||||||||
Net investment income (loss) |
779 |
2,061 |
3,073 |
||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
|
2,149 |
|
||||||||||||
Realized gains (losses) on sale of investments |
(139 |
) |
(63 |
) |
40 |
||||||||||
Net realized gains (losses) |
(139 |
) |
2,086 |
40 |
|||||||||||
Change in unrealized gains (losses) on investments |
1,420 |
(7,583 |
) |
938 |
|||||||||||
Net realized and changes in unrealized gains (losses) on investments |
1,281 |
(5,497 |
) |
978 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
2,060 |
$ |
(3,436 |
) |
$ |
4,051 |
The accompanying notes are an integral part of these financial statements.
UL-87
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the years ended December 31, 2023, 2022 and 2021
PIMCO VIT CommodityRealReturn®​ Strategy Division |
PIMCO VIT Low Duration Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
5,613 |
$ |
9,406 |
$ |
1,611 |
$ |
28,255 |
$ |
13,453 |
$ |
4,480 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
|
|
|
|
|
|
|||||||||||||||||||||
Net investment income (loss) |
5,613 |
9,406 |
1,611 |
28,255 |
13,453 |
4,480 |
|||||||||||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||||||
Realized gain distributions |
|
|
|
|
|
|
|||||||||||||||||||||
Realized gains (losses) on sale of investments |
(4,359 |
) |
1,013 |
566 |
(1,636 |
) |
(1,029 |
) |
(62 |
) |
|||||||||||||||||
Net realized gains (losses) |
(4,359 |
) |
1,013 |
566 |
(1,636 |
) |
(1,029 |
) |
(62 |
) |
|||||||||||||||||
Change in unrealized gains (losses) on investments |
(4,596 |
) |
(6,767 |
) |
8,452 |
11,642 |
(60,669 |
) |
(12,342 |
) |
|||||||||||||||||
Net realized and changes in unrealized gains (losses) on investments |
(8,955 |
) |
(5,754 |
) |
9,018 |
10,006 |
(61,698 |
) |
(12,404 |
) |
|||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
(3,342 |
) |
$ |
3,652 |
$ |
10,629 |
$ |
38,261 |
$ |
(48,245 |
) |
$ |
(7,924 |
) |
The accompanying notes are an integral part of these financial statements.
UL-88
Pioneer Mid Cap Value VCT Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
387 |
$ |
391 |
$ |
169 |
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
|
|
|
||||||||||||
Net investment income (loss) |
387 |
391 |
169 |
||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
2,247 |
7,562 |
|
||||||||||||
Realized gains (losses) on sale of investments |
(39 |
) |
(9 |
) |
16 |
||||||||||
Net realized gains (losses) |
2,208 |
7,553 |
16 |
||||||||||||
Change in unrealized gains (losses) on investments |
(203 |
) |
(9,059 |
) |
4,256 |
||||||||||
Net realized and changes in unrealized gains (losses) on investments |
2,005 |
(1,506 |
) |
4,272 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
2,392 |
$ |
(1,115 |
) |
$ |
4,441 |
The accompanying notes are an integral part of these financial statements.
UL-89
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Concluded)
For the years ended December 31, 2023, 2022 and 2021
Royce Micro-Cap Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
|
$ |
|
$ |
|
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
|
|
|
||||||||||||
Net investment income (loss) |
|
|
|
||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
|
4,690 |
813 |
||||||||||||
Realized gains (losses) on sale of investments |
(24 |
) |
10 |
46 |
|||||||||||
Net realized gains (losses) |
(24 |
) |
4,700 |
859 |
|||||||||||
Change in unrealized gains (losses) on investments |
2,717 |
(8,906 |
) |
3,499 |
|||||||||||
Net realized and changes in unrealized gains (losses) on investments |
2,693 |
(4,206 |
) |
4,358 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
2,693 |
$ |
(4,206 |
) |
$ |
4,358 |
The accompanying notes are an integral part of these financial statements.
UL-90
Royce Small-Cap Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Investment Income: |
|||||||||||||||
Dividends |
$ |
139 |
$ |
61 |
$ |
241 |
|||||||||
Expenses: |
|||||||||||||||
Mortality and expense risk charges |
|
|
|
||||||||||||
Net investment income (loss) |
139 |
61 |
241 |
||||||||||||
Net Realized and Changes in Unrealized Gains (Losses) on Investments: |
|||||||||||||||
Realized gain distributions |
1,447 |
275 |
|
||||||||||||
Realized gains (losses) on sale of investments |
41 |
(75 |
) |
44 |
|||||||||||
Net realized gains (losses) |
1,488 |
200 |
44 |
||||||||||||
Change in unrealized gains (losses) on investments |
2,183 |
(1,931 |
) |
3,763 |
|||||||||||
Net realized and changes in unrealized gains (losses) on investments |
3,671 |
(1,731 |
) |
3,807 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
3,810 |
$ |
(1,670 |
) |
$ |
4,048 |
The accompanying notes are an integral part of these financial statements.
UL-91
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
For the years ended December 31, 2023, 2022 and 2021
AB VPS Sustainable Global Thematic Division |
American Funds®​ American High-Income Trust Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
175 |
$ |
|
$ |
|
$ |
48,380 |
$ |
55,273 |
$ |
28,819 |
|||||||||||||||
Net realized gains (losses) |
30,950 |
50,574 |
85,802 |
(11,020 |
) |
(4,118 |
) |
321 |
|||||||||||||||||||
Change in unrealized gains (losses) on investments |
55,838 |
(252,999 |
) |
13,004 |
43,248 |
(120,523 |
) |
2,825 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
86,963 |
(202,425 |
) |
98,806 |
80,608 |
(69,368 |
) |
31,965 |
|||||||||||||||||||
Policy Transactions: |
|||||||||||||||||||||||||||
Premium payments received from policy owners |
4,119 |
29,019 |
16,933 |
4,441 |
27,750 |
15,664 |
|||||||||||||||||||||
Net transfers (including fixed account) |
9,452 |
15,705 |
608,550 |
(29,534 |
) |
85,863 |
608,550 |
||||||||||||||||||||
Policy charges |
(10,924 |
) |
(10,402 |
) |
(7,651 |
) |
(13,274 |
) |
(16,514 |
) |
(7,295 |
) |
|||||||||||||||
Transfers for policy benefits and terminations |
(9,358 |
) |
(21,105 |
) |
(17,659 |
) |
(37,955 |
) |
(24,278 |
) |
(12,616 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(6,711 |
) |
13,217 |
600,173 |
(76,322 |
) |
72,821 |
604,303 |
|||||||||||||||||||
Net increase (decrease) in net assets |
80,252 |
(189,208 |
) |
698,979 |
4,286 |
3,453 |
636,268 |
||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
555,208 |
744,416 |
45,437 |
688,237 |
684,784 |
48,516 |
|||||||||||||||||||||
End of year |
$ |
635,460 |
$ |
555,208 |
$ |
744,416 |
$ |
692,523 |
$ |
688,237 |
$ |
684,784 |
The accompanying notes are an integral part of these financial statements.
UL-92
American Funds®​ Global Small Capitalization Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
106,679 |
$ |
(79,546 |
) |
$ |
(111,675 |
) |
|||||||
Net realized gains (losses) |
(176,187 |
) |
24,206,552 |
4,692,440 |
|||||||||||
Change in unrealized gains (losses) on investments |
10,418,956 |
(52,190,705 |
) |
1,660,255 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
10,349,448 |
(28,063,699 |
) |
6,241,020 |
|||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
3,193,703 |
3,322,024 |
3,467,587 |
||||||||||||
Net transfers (including fixed account) |
(590,921 |
) |
1,560,276 |
57,506 |
|||||||||||
Policy charges |
(2,826,127 |
) |
(2,862,035 |
) |
(3,181,486 |
) |
|||||||||
Transfers for policy benefits and terminations |
(3,146,161 |
) |
(2,353,943 |
) |
(4,691,554 |
) |
|||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(3,369,506 |
) |
(333,678 |
) |
(4,347,947 |
) |
|||||||||
Net increase (decrease) in net assets |
6,979,942 |
(28,397,377 |
) |
1,893,073 |
|||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
66,296,749 |
94,694,126 |
92,801,053 |
||||||||||||
End of year |
$ |
73,276,691 |
$ |
66,296,749 |
$ |
94,694,126 |
The accompanying notes are an integral part of these financial statements.
UL-93
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023, 2022 and 2021
American Funds®​ Growth Division |
American Funds®​ Growth-Income Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
760,268 |
$ |
635,021 |
$ |
434,127 |
$ |
1,781,350 |
$ |
1,622,640 |
$ |
1,573,304 |
|||||||||||||||
Net realized gains (losses) |
18,700,802 |
42,650,519 |
53,983,656 |
9,182,477 |
15,239,203 |
4,930,051 |
|||||||||||||||||||||
Change in unrealized gains (losses) on investments |
69,205,509 |
(148,259,449 |
) |
11,657,903 |
21,230,124 |
(43,425,314 |
) |
25,918,314 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
88,666,579 |
(104,973,909 |
) |
66,075,686 |
32,193,951 |
(26,563,471 |
) |
32,421,669 |
|||||||||||||||||||
Policy Transactions: |
|||||||||||||||||||||||||||
Premium payments received from policy owners |
7,449,418 |
7,761,779 |
7,909,770 |
4,714,194 |
4,899,386 |
5,024,658 |
|||||||||||||||||||||
Net transfers (including fixed account) |
(2,037,569 |
) |
1,661,977 |
(4,661,886 |
) |
(1,170,387 |
) |
(524,290 |
) |
(2,509,143 |
) |
||||||||||||||||
Policy charges |
(9,888,170 |
) |
(9,736,317 |
) |
(10,007,759 |
) |
(5,666,357 |
) |
(5,541,450 |
) |
(5,306,219 |
) |
|||||||||||||||
Transfers for policy benefits and terminations |
(12,714,018 |
) |
(10,837,316 |
) |
(16,434,259 |
) |
(6,847,736 |
) |
(5,584,723 |
) |
(6,724,478 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(17,190,339 |
) |
(11,149,877 |
) |
(23,194,134 |
) |
(8,970,286 |
) |
(6,751,077 |
) |
(9,515,182 |
) |
|||||||||||||||
Net increase (decrease) in net assets |
71,476,240 |
(116,123,786 |
) |
42,881,552 |
23,223,665 |
(33,314,548 |
) |
22,906,487 |
|||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
238,202,123 |
354,325,909 |
311,444,357 |
128,565,458 |
161,880,006 |
138,973,519 |
|||||||||||||||||||||
End of year |
$ |
309,678,363 |
$ |
238,202,123 |
$ |
354,325,909 |
$ |
151,789,123 |
$ |
128,565,458 |
$ |
161,880,006 |
The accompanying notes are an integral part of these financial statements.
UL-94
American Funds®​ International Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
23,320 |
$ |
31,957 |
$ |
58,048 |
|||||||||
Net realized gains (losses) |
(29,185 |
) |
243,445 |
14,231 |
|||||||||||
Change in unrealized gains (losses) on investments |
269,573 |
(738,762 |
) |
(105,442 |
) |
||||||||||
Net increase (decrease) in net assets resulting from operations |
263,708 |
(463,360 |
) |
(33,163 |
) |
||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
4,496 |
14,922 |
3,435 |
||||||||||||
Net transfers (including fixed account) |
(67,591 |
) |
18,524 |
100,782 |
|||||||||||
Policy charges |
(59,813 |
) |
(60,408 |
) |
(64,688 |
) |
|||||||||
Transfers for policy benefits and terminations |
(6,021 |
) |
(91,928 |
) |
(26,969 |
) |
|||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(128,929 |
) |
(118,890 |
) |
12,560 |
||||||||||
Net increase (decrease) in net assets |
134,779 |
(582,250 |
) |
(20,603 |
) |
||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
1,717,653 |
2,299,903 |
2,320,506 |
||||||||||||
End of year |
$ |
1,852,432 |
$ |
1,717,653 |
$ |
2,299,903 |
The accompanying notes are an integral part of these financial statements.
UL-95
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023, 2022 and 2021
American Funds®​ The Bond Fund of America Division |
American Funds®​ U.S. Government Securities Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
228,948 |
$ |
200,022 |
$ |
105,241 |
$ |
2,031 |
$ |
2,187 |
$ |
811 |
|||||||||||||||
Net realized gains (losses) |
(137,480 |
) |
(47,199 |
) |
336,698 |
(448 |
) |
(261 |
) |
5,468 |
|||||||||||||||||
Change in unrealized gains (losses) on investments |
230,378 |
(1,180,378 |
) |
(480,389 |
) |
44 |
(8,793 |
) |
(6,687 |
) |
|||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
321,846 |
(1,027,555 |
) |
(38,450 |
) |
1,627 |
(6,867 |
) |
(408 |
) |
|||||||||||||||||
Policy Transactions: |
|||||||||||||||||||||||||||
Premium payments received from policy owners |
409,531 |
418,908 |
432,527 |
1,295 |
1,295 |
|
|||||||||||||||||||||
Net transfers (including fixed account) |
497,639 |
(108,060 |
) |
705,068 |
1 |
1 |
|
||||||||||||||||||||
Policy charges |
(350,370 |
) |
(347,318 |
) |
(312,504 |
) |
(1,926 |
) |
(1,884 |
) |
(1,719 |
) |
|||||||||||||||
Transfers for policy benefits and terminations |
(530,461 |
) |
(479,725 |
) |
(484,591 |
) |
|
|
|
||||||||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
26,339 |
(516,195 |
) |
340,500 |
(630 |
) |
(588 |
) |
(1,719 |
) |
|||||||||||||||||
Net increase (decrease) in net assets |
348,185 |
(1,543,750 |
) |
302,050 |
997 |
(7,455 |
) |
(2,127 |
) |
||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
6,661,813 |
8,205,563 |
7,903,513 |
54,849 |
62,304 |
64,431 |
|||||||||||||||||||||
End of year |
$ |
7,009,998 |
$ |
6,661,813 |
$ |
8,205,563 |
$ |
55,846 |
$ |
54,849 |
$ |
62,304 |
The accompanying notes are an integral part of these financial statements.
UL-96
BHFTI AB Global Dynamic Allocation Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
2,527 |
$ |
4,115 |
$ |
251 |
|||||||||
Net realized gains (losses) |
(4,338 |
) |
4,238 |
7,069 |
|||||||||||
Change in unrealized gains (losses) on investments |
10,544 |
(31,162 |
) |
2,602 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
8,733 |
(22,809 |
) |
9,922 |
|||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
8,680 |
9,539 |
9,953 |
||||||||||||
Net transfers (including fixed account) |
3,737 |
(1,865 |
) |
3,172 |
|||||||||||
Policy charges |
(4,835 |
) |
(6,109 |
) |
(6,862 |
) |
|||||||||
Transfers for policy benefits and terminations |
(16,402 |
) |
(9,966 |
) |
(7,262 |
) |
|||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(8,820 |
) |
(8,401 |
) |
(999 |
) |
|||||||||
Net increase (decrease) in net assets |
(87 |
) |
(31,210 |
) |
8,923 |
||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
82,503 |
113,713 |
104,790 |
||||||||||||
End of year |
$ |
82,416 |
$ |
82,503 |
$ |
113,713 |
The accompanying notes are an integral part of these financial statements.
UL-97
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTI American Funds®​ Balanced Allocation Division |
BHFTI American Funds®​ Growth Allocation Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
42,691 |
$ |
27,574 |
$ |
23,221 |
$ |
69,571 |
$ |
41,254 |
$ |
34,073 |
|||||||||||||||
Net realized gains (losses) |
107,297 |
202,235 |
82,891 |
250,482 |
431,644 |
130,294 |
|||||||||||||||||||||
Change in unrealized gains (losses) on investments |
105,718 |
(526,661 |
) |
82,717 |
228,116 |
(1,096,716 |
) |
306,357 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
255,706 |
(296,852 |
) |
188,829 |
548,169 |
(623,818 |
) |
470,724 |
|||||||||||||||||||
Policy Transactions: |
|||||||||||||||||||||||||||
Premium payments received from policy owners |
108,617 |
107,256 |
122,099 |
206,080 |
174,081 |
201,398 |
|||||||||||||||||||||
Net transfers (including fixed account) |
(38,367 |
) |
25,895 |
42,862 |
(8,412 |
) |
(2,812 |
) |
321,896 |
||||||||||||||||||
Policy charges |
(63,682 |
) |
(66,051 |
) |
(63,291 |
) |
(113,390 |
) |
(117,530 |
) |
(120,757 |
) |
|||||||||||||||
Transfers for policy benefits and terminations |
(18,619 |
) |
(10,288 |
) |
(3,829 |
) |
(291,370 |
) |
(59,395 |
) |
(108,852 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(12,051 |
) |
56,812 |
97,841 |
(207,092 |
) |
(5,656 |
) |
293,685 |
||||||||||||||||||
Net increase (decrease) in net assets |
243,655 |
(240,040 |
) |
286,670 |
341,077 |
(629,474 |
) |
764,409 |
|||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
1,534,563 |
1,774,603 |
1,487,933 |
2,758,925 |
3,388,399 |
2,623,990 |
|||||||||||||||||||||
End of year |
$ |
1,778,218 |
$ |
1,534,563 |
$ |
1,774,603 |
$ |
3,100,002 |
$ |
2,758,925 |
$ |
3,388,399 |
The accompanying notes are an integral part of these financial statements.
UL-98
BHFTI American Funds®​ Moderate Allocation Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
56,237 |
$ |
37,848 |
$ |
34,836 |
|||||||||
Net realized gains (losses) |
100,464 |
176,689 |
73,192 |
||||||||||||
Change in unrealized gains (losses) on investments |
83,435 |
(515,528 |
) |
75,627 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
240,136 |
(300,991 |
) |
183,655 |
|||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
192,845 |
200,297 |
239,014 |
||||||||||||
Net transfers (including fixed account) |
(302 |
) |
(42,079 |
) |
297 |
||||||||||
Policy charges |
(102,691 |
) |
(106,181 |
) |
(107,608 |
) |
|||||||||
Transfers for policy benefits and terminations |
(38,399 |
) |
(31,965 |
) |
(58,758 |
) |
|||||||||
Net increase (decrease) in net assets resulting from policy transactions |
51,453 |
20,072 |
72,945 |
||||||||||||
Net increase (decrease) in net assets |
291,589 |
(280,919 |
) |
256,600 |
|||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
1,777,871 |
2,058,790 |
1,802,190 |
||||||||||||
End of year |
$ |
2,069,460 |
$ |
1,777,871 |
$ |
2,058,790 |
The accompanying notes are an integral part of these financial statements.
UL-99
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTI BlackRock Global Tactical Strategies Division |
BHFTI Brighthouse Asset Allocation 100 Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
9,537 |
$ |
12,903 |
$ |
10,075 |
$ |
849,696 |
$ |
453,260 |
$ |
448,928 |
|||||||||||||||
Net realized gains (losses) |
(6,154 |
) |
(32,560 |
) |
34,008 |
4,043,563 |
2,484,870 |
3,302,585 |
|||||||||||||||||||
Change in unrealized gains (losses) on investments |
32,696 |
(92,825 |
) |
21,134 |
675,806 |
(10,016,419 |
) |
2,026,367 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
36,079 |
(112,482 |
) |
65,217 |
5,569,065 |
(7,078,289 |
) |
5,777,880 |
|||||||||||||||||||
Policy Transactions: |
|||||||||||||||||||||||||||
Premium payments received from policy owners |
28,563 |
55,196 |
76,087 |
1,485,774 |
1,517,484 |
1,612,893 |
|||||||||||||||||||||
Net transfers (including fixed account) |
9,965 |
(4,168 |
) |
10,497 |
(618,919 |
) |
(2,000,106 |
) |
1,895,040 |
||||||||||||||||||
Policy charges |
(16,404 |
) |
(18,927 |
) |
(23,226 |
) |
(926,791 |
) |
(961,021 |
) |
(1,014,376 |
) |
|||||||||||||||
Transfers for policy benefits and terminations |
(37,048 |
) |
(265,246 |
) |
(165,149 |
) |
(1,122,531 |
) |
(1,161,537 |
) |
(1,580,892 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(14,924 |
) |
(233,145 |
) |
(101,791 |
) |
(1,182,467 |
) |
(2,605,180 |
) |
912,665 |
||||||||||||||||
Net increase (decrease) in net assets |
21,155 |
(345,627 |
) |
(36,574 |
) |
4,386,598 |
(9,683,469 |
) |
6,690,545 |
||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
272,504 |
618,131 |
654,705 |
26,852,250 |
36,535,719 |
29,845,174 |
|||||||||||||||||||||
End of year |
$ |
293,659 |
$ |
272,504 |
$ |
618,131 |
$ |
31,238,848 |
$ |
26,852,250 |
$ |
36,535,719 |
The accompanying notes are an integral part of these financial statements.
UL-100
BHFTI Brighthouse Balanced Plus Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
13,293 |
$ |
10,810 |
$ |
11,412 |
|||||||||
Net realized gains (losses) |
(8,148 |
) |
36,175 |
17,890 |
|||||||||||
Change in unrealized gains (losses) on investments |
33,282 |
(161,614 |
) |
6,919 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
38,427 |
(114,629 |
) |
36,221 |
|||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
46,882 |
53,264 |
54,207 |
||||||||||||
Net transfers (including fixed account) |
2,097 |
(11,897 |
) |
3,956 |
|||||||||||
Policy charges |
(28,689 |
) |
(34,202 |
) |
(38,201 |
) |
|||||||||
Transfers for policy benefits and terminations |
(13,868 |
) |
(11,535 |
) |
|
||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
6,422 |
(4,370 |
) |
19,962 |
|||||||||||
Net increase (decrease) in net assets |
44,849 |
(118,999 |
) |
56,183 |
|||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
407,015 |
526,014 |
469,831 |
||||||||||||
End of year |
$ |
451,864 |
$ |
407,015 |
$ |
526,014 |
The accompanying notes are an integral part of these financial statements.
UL-101
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTI Brighthouse Small Cap Value Division |
BHFTI Brighthouse/abrdn Emerging Markets Equity Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
12,142 |
$ |
7,649 |
$ |
10,711 |
$ |
19,029 |
$ |
14,674 |
$ |
5,628 |
|||||||||||||||
Net realized gains (losses) |
100,627 |
214,984 |
3,507 |
(10,170 |
) |
233,359 |
40,249 |
||||||||||||||||||||
Change in unrealized gains (losses) on investments |
51,185 |
(402,147 |
) |
318,052 |
95,541 |
(768,158 |
) |
(146,176 |
) |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
163,954 |
(179,514 |
) |
332,270 |
104,400 |
(520,125 |
) |
(100,299 |
) |
||||||||||||||||||
Policy Transactions: |
|||||||||||||||||||||||||||
Premium payments received from policy owners |
3,992 |
31,742 |
26,221 |
48,183 |
102,347 |
76,478 |
|||||||||||||||||||||
Net transfers (including fixed account) |
|
|
(226 |
) |
23,302 |
86,363 |
35,236 |
||||||||||||||||||||
Policy charges |
(20,878 |
) |
(19,868 |
) |
(17,171 |
) |
(32,640 |
) |
(34,798 |
) |
(41,350 |
) |
|||||||||||||||
Transfers for policy benefits and terminations |
|
(28,513 |
) |
(6 |
) |
(20,258 |
) |
(23,973 |
) |
(11,842 |
) |
||||||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(16,886 |
) |
(16,639 |
) |
8,818 |
18,587 |
129,939 |
58,522 |
|||||||||||||||||||
Net increase (decrease) in net assets |
147,068 |
(196,153 |
) |
341,088 |
122,987 |
(390,186 |
) |
(41,777 |
) |
||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
1,187,940 |
1,384,093 |
1,043,005 |
1,587,039 |
1,977,225 |
2,019,002 |
|||||||||||||||||||||
End of year |
$ |
1,335,008 |
$ |
1,187,940 |
$ |
1,384,093 |
$ |
1,710,026 |
$ |
1,587,039 |
$ |
1,977,225 |
The accompanying notes are an integral part of these financial statements.
UL-102
BHFTI Brighthouse/Templeton International Bond Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
|
$ |
|
$ |
|
|||||||||
Net realized gains (losses) |
(3,305 |
) |
(10,841 |
) |
(1,491 |
) |
|||||||||
Change in unrealized gains (losses) on investments |
14,996 |
(3,545 |
) |
(13,400 |
) |
||||||||||
Net increase (decrease) in net assets resulting from operations |
11,691 |
(14,386 |
) |
(14,891 |
) |
||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
30,491 |
34,799 |
36,064 |
||||||||||||
Net transfers (including fixed account) |
8,688 |
(33,363 |
) |
29,683 |
|||||||||||
Policy charges |
(15,047 |
) |
(16,622 |
) |
(16,645 |
) |
|||||||||
Transfers for policy benefits and terminations |
(696 |
) |
(8,047 |
) |
(5,360 |
) |
|||||||||
Net increase (decrease) in net assets resulting from policy transactions |
23,436 |
(23,233 |
) |
43,742 |
|||||||||||
Net increase (decrease) in net assets |
35,127 |
(37,619 |
) |
28,851 |
|||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
296,436 |
334,055 |
305,204 |
||||||||||||
End of year |
$ |
331,563 |
$ |
296,436 |
$ |
334,055 |
The accompanying notes are an integral part of these financial statements.
UL-103
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTI Brighthouse/Wellington Large Cap Research Division |
BHFTI CBRE Global Real Estate Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
1,806,980 |
$ |
1,264,458 |
$ |
2,234,901 |
$ |
662,721 |
$ |
1,179,448 |
$ |
894,335 |
|||||||||||||||
Net realized gains (losses) |
30,878,329 |
123,670,666 |
74,423,670 |
(237,751 |
) |
2,608,836 |
474,259 |
||||||||||||||||||||
Change in unrealized gains (losses) on investments |
92,089,119 |
(254,155,225 |
) |
56,615,903 |
2,723,801 |
(11,912,020 |
) |
7,531,715 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
124,774,428 |
(129,220,101 |
) |
133,274,474 |
3,148,771 |
(8,123,736 |
) |
8,900,309 |
|||||||||||||||||||
Policy Transactions: |
|||||||||||||||||||||||||||
Premium payments received from policy owners |
18,695,688 |
19,814,192 |
20,356,047 |
1,341,368 |
1,442,369 |
1,492,784 |
|||||||||||||||||||||
Net transfers (including fixed account) |
(1,485,626 |
) |
(2,339,731 |
) |
(4,852,960 |
) |
665,806 |
284,570 |
(1,109,763 |
) |
|||||||||||||||||
Policy charges |
(25,794,166 |
) |
(25,708,796 |
) |
(23,463,562 |
) |
(1,095,722 |
) |
(1,157,805 |
) |
(1,111,861 |
) |
|||||||||||||||
Transfers for policy benefits and terminations |
(25,921,385 |
) |
(23,223,558 |
) |
(28,262,125 |
) |
(1,199,924 |
) |
(981,531 |
) |
(1,411,859 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(34,505,489 |
) |
(31,457,893 |
) |
(36,222,600 |
) |
(288,472 |
) |
(412,397 |
) |
(2,140,699 |
) |
|||||||||||||||
Net increase (decrease) in net assets |
90,268,939 |
(160,677,994 |
) |
97,051,874 |
2,860,299 |
(8,536,133 |
) |
6,759,610 |
|||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
513,994,055 |
674,672,049 |
577,620,175 |
24,640,317 |
33,176,450 |
26,416,840 |
|||||||||||||||||||||
End of year |
$ |
604,262,994 |
$ |
513,994,055 |
$ |
674,672,049 |
$ |
27,500,616 |
$ |
24,640,317 |
$ |
33,176,450 |
The accompanying notes are an integral part of these financial statements.
UL-104
BHFTI Harris Oakmark International Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
779,515 |
$ |
862,447 |
$ |
322,902 |
|||||||||
Net realized gains (losses) |
(350,032 |
) |
1,638,674 |
391,341 |
|||||||||||
Change in unrealized gains (losses) on investments |
6,255,947 |
(9,311,810 |
) |
2,895,287 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
6,685,430 |
(6,810,689 |
) |
3,609,530 |
|||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
1,835,863 |
1,886,153 |
2,006,696 |
||||||||||||
Net transfers (including fixed account) |
(1,514,406 |
) |
262,844 |
(499,391 |
) |
||||||||||
Policy charges |
(1,588,164 |
) |
(1,515,126 |
) |
(1,551,357 |
) |
|||||||||
Transfers for policy benefits and terminations |
(1,635,562 |
) |
(1,434,763 |
) |
(1,851,054 |
) |
|||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(2,902,269 |
) |
(800,892 |
) |
(1,895,106 |
) |
|||||||||
Net increase (decrease) in net assets |
3,783,161 |
(7,611,581 |
) |
1,714,424 |
|||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
36,475,971 |
44,087,552 |
42,373,128 |
||||||||||||
End of year |
$ |
40,259,132 |
$ |
36,475,971 |
$ |
44,087,552 |
The accompanying notes are an integral part of these financial statements.
UL-105
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTI Invesco Balanced-Risk Allocation Division |
BHFTI Invesco Global Equity Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
2,595 |
$ |
4,889 |
$ |
2,701 |
$ |
72,624 |
$ |
(156,962 |
) |
$ |
(108,269 |
) |
|||||||||||||
Net realized gains (losses) |
(2,774 |
) |
4,234 |
2,865 |
4,128,283 |
9,244,514 |
6,520,568 |
||||||||||||||||||||
Change in unrealized gains (losses) on investments |
4,632 |
(19,689 |
) |
2,660 |
13,814,493 |
(34,670,658 |
) |
5,012,985 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
4,453 |
(10,566 |
) |
8,226 |
18,015,400 |
(25,583,106 |
) |
11,425,284 |
|||||||||||||||||||
Policy Transactions: |
|||||||||||||||||||||||||||
Premium payments received from policy owners |
7,168 |
10,572 |
11,332 |
2,733,426 |
2,762,252 |
2,809,998 |
|||||||||||||||||||||
Net transfers (including fixed account) |
1,049 |
(3,020 |
) |
1,280 |
(696,522 |
) |
613,956 |
(615,492 |
) |
||||||||||||||||||
Policy charges |
(3,799 |
) |
(5,080 |
) |
(5,368 |
) |
(2,343,044 |
) |
(2,217,528 |
) |
(2,219,124 |
) |
|||||||||||||||
Transfers for policy benefits and terminations |
(11,204 |
) |
(15,834 |
) |
(1,126 |
) |
(3,032,453 |
) |
(2,939,293 |
) |
(4,017,655 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(6,786 |
) |
(13,362 |
) |
6,118 |
(3,338,593 |
) |
(1,780,613 |
) |
(4,042,273 |
) |
||||||||||||||||
Net increase (decrease) in net assets |
(2,333 |
) |
(23,928 |
) |
14,344 |
14,676,807 |
(27,363,719 |
) |
7,383,011 |
||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
74,383 |
98,311 |
83,967 |
53,633,175 |
80,996,894 |
73,613,883 |
|||||||||||||||||||||
End of year |
$ |
72,050 |
$ |
74,383 |
$ |
98,311 |
$ |
68,309,982 |
$ |
53,633,175 |
$ |
80,996,894 |
The accompanying notes are an integral part of these financial statements.
UL-106
BHFTI Invesco Small Cap Growth Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
(10,062 |
) |
$ |
(11,212 |
) |
$ |
(16,422 |
) |
||||||
Net realized gains (losses) |
(608,941 |
) |
2,442,121 |
2,720,405 |
|||||||||||
Change in unrealized gains (losses) on investments |
1,609,356 |
(7,093,762 |
) |
(1,866,700 |
) |
||||||||||
Net increase (decrease) in net assets resulting from operations |
990,353 |
(4,662,853 |
) |
837,283 |
|||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
342,648 |
371,773 |
375,966 |
||||||||||||
Net transfers (including fixed account) |
(339 |
) |
207,036 |
1,054,139 |
|||||||||||
Policy charges |
(323,813 |
) |
(337,079 |
) |
(370,752 |
) |
|||||||||
Transfers for policy benefits and terminations |
(683,699 |
) |
(384,038 |
) |
(592,240 |
) |
|||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(665,203 |
) |
(142,308 |
) |
467,113 |
||||||||||
Net increase (decrease) in net assets |
325,150 |
(4,805,161 |
) |
1,304,396 |
|||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
8,490,182 |
13,295,343 |
11,990,947 |
||||||||||||
End of year |
$ |
8,815,332 |
$ |
8,490,182 |
$ |
13,295,343 |
The accompanying notes are an integral part of these financial statements.
UL-107
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTI JPMorgan Global Active Allocation Division |
BHFTI JPMorgan Small Cap Value Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
3,062 |
$ |
4,598 |
$ |
1,074 |
$ |
8,785 |
$ |
7,799 |
$ |
8,181 |
|||||||||||||||
Net realized gains (losses) |
(3,892 |
) |
22,291 |
13,571 |
41,525 |
220,222 |
67,840 |
||||||||||||||||||||
Change in unrealized gains (losses) on investments |
17,656 |
(65,711 |
) |
5,880 |
33,881 |
(326,690 |
) |
129,125 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
16,826 |
(38,822 |
) |
20,525 |
84,191 |
(98,669 |
) |
205,146 |
|||||||||||||||||||
Policy Transactions: |
|||||||||||||||||||||||||||
Premium payments received from policy owners |
13,916 |
17,138 |
18,765 |
26,553 |
29,562 |
30,216 |
|||||||||||||||||||||
Net transfers (including fixed account) |
6,721 |
(1,649 |
) |
5,678 |
(5,983 |
) |
(20,823 |
) |
(25,696 |
) |
|||||||||||||||||
Policy charges |
(11,556 |
) |
(12,395 |
) |
(12,941 |
) |
(33,029 |
) |
(34,659 |
) |
(32,553 |
) |
|||||||||||||||
Transfers for policy benefits and terminations |
(11,599 |
) |
(36,426 |
) |
(14 |
) |
(3,366 |
) |
(10,291 |
) |
(47,011 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(2,518 |
) |
(33,332 |
) |
11,488 |
(15,825 |
) |
(36,211 |
) |
(75,044 |
) |
||||||||||||||||
Net increase (decrease) in net assets |
14,308 |
(72,154 |
) |
32,013 |
68,366 |
(134,880 |
) |
130,102 |
|||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
165,865 |
238,019 |
206,006 |
632,985 |
767,865 |
637,763 |
|||||||||||||||||||||
End of year |
$ |
180,173 |
$ |
165,865 |
$ |
238,019 |
$ |
701,351 |
$ |
632,985 |
$ |
767,865 |
The accompanying notes are an integral part of these financial statements.
UL-108
BHFTI Loomis Sayles Global Allocation Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
|
$ |
|
$ |
4,713 |
|||||||||
Net realized gains (losses) |
12,449 |
47,922 |
82,477 |
||||||||||||
Change in unrealized gains (losses) on investments |
62,269 |
(150,790 |
) |
(23,466 |
) |
||||||||||
Net increase (decrease) in net assets resulting from operations |
74,718 |
(102,868 |
) |
63,724 |
|||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
29,374 |
32,702 |
39,197 |
||||||||||||
Net transfers (including fixed account) |
(6,202 |
) |
(12,835 |
) |
(122,831 |
) |
|||||||||
Policy charges |
(16,990 |
) |
(18,514 |
) |
(23,818 |
) |
|||||||||
Transfers for policy benefits and terminations |
(15,215 |
) |
(18,715 |
) |
(65,142 |
) |
|||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(9,033 |
) |
(17,362 |
) |
(172,594 |
) |
|||||||||
Net increase (decrease) in net assets |
65,685 |
(120,230 |
) |
(108,870 |
) |
||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
332,108 |
452,338 |
561,208 |
||||||||||||
End of year |
$ |
397,793 |
$ |
332,108 |
$ |
452,338 |
The accompanying notes are an integral part of these financial statements.
UL-109
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTI Loomis Sayles Growth Division |
BHFTI MetLife Multi-Index Targeted Risk Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
(45,648 |
) |
$ |
(39,396 |
) |
$ |
65,375 |
$ |
4,258 |
$ |
3,579 |
$ |
3,798 |
|||||||||||||
Net realized gains (losses) |
3,419,537 |
4,012,052 |
2,668,466 |
(1,375 |
) |
12,792 |
8,772 |
||||||||||||||||||||
Change in unrealized gains (losses) on investments |
17,568,319 |
(20,403,597 |
) |
6,974,380 |
21,870 |
(65,780 |
) |
7,435 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
20,942,208 |
(16,430,941 |
) |
9,708,221 |
24,753 |
(49,409 |
) |
20,005 |
|||||||||||||||||||
Policy Transactions: |
|||||||||||||||||||||||||||
Premium payments received from policy owners |
1,924,495 |
1,990,102 |
2,109,209 |
18,623 |
19,474 |
21,498 |
|||||||||||||||||||||
Net transfers (including fixed account) |
406,893 |
(184,135 |
) |
(1,414,885 |
) |
2,436 |
(6,835 |
) |
(3,019 |
) |
|||||||||||||||||
Policy charges |
(2,084,962 |
) |
(1,915,664 |
) |
(1,935,784 |
) |
(12,711 |
) |
(15,777 |
) |
(16,639 |
) |
|||||||||||||||
Transfers for policy benefits and terminations |
(2,515,779 |
) |
(1,635,777 |
) |
(2,532,484 |
) |
|
(2,106 |
) |
|
|||||||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(2,269,353 |
) |
(1,745,474 |
) |
(3,773,944 |
) |
8,348 |
(5,244 |
) |
1,840 |
|||||||||||||||||
Net increase (decrease) in net assets |
18,672,855 |
(18,176,415 |
) |
5,934,277 |
33,101 |
(54,653 |
) |
21,845 |
|||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
41,347,803 |
59,524,218 |
53,589,941 |
174,332 |
228,985 |
207,140 |
|||||||||||||||||||||
End of year |
$ |
60,020,658 |
$ |
41,347,803 |
$ |
59,524,218 |
$ |
207,433 |
$ |
174,332 |
$ |
228,985 |
The accompanying notes are an integral part of these financial statements.
UL-110
BHFTI MFS®​ Research International Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
308,205 |
$ |
405,599 |
$ |
257,880 |
|||||||||
Net realized gains (losses) |
457,890 |
1,440,010 |
1,416,418 |
||||||||||||
Change in unrealized gains (losses) on investments |
1,779,141 |
(6,232,375 |
) |
1,126,705 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
2,545,236 |
(4,386,766 |
) |
2,801,003 |
|||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
696,616 |
722,218 |
784,016 |
||||||||||||
Net transfers (including fixed account) |
(1,947,049 |
) |
194,333 |
(431,546 |
) |
||||||||||
Policy charges |
(771,587 |
) |
(784,087 |
) |
(776,914 |
) |
|||||||||
Transfers for policy benefits and terminations |
(675,698 |
) |
(434,155 |
) |
(801,362 |
) |
|||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(2,697,718 |
) |
(301,691 |
) |
(1,225,806 |
) |
|||||||||
Net increase (decrease) in net assets |
(152,482 |
) |
(4,688,457 |
) |
1,575,197 |
||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
20,434,855 |
25,123,312 |
23,548,115 |
||||||||||||
End of year |
$ |
20,282,373 |
$ |
20,434,855 |
$ |
25,123,312 |
The accompanying notes are an integral part of these financial statements.
UL-111
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTI Morgan Stanley Discovery Division |
BHFTI PanAgora Global Diversified Risk Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
(824,614 |
) |
$ |
(1,071,989 |
) |
$ |
(2,377,645 |
) |
$ |
13,250 |
$ |
17,387 |
$ |
|
||||||||||||
Net realized gains (losses) |
(26,239,319 |
) |
124,157,189 |
393,091,092 |
(4,719 |
) |
9,740 |
74 |
|||||||||||||||||||
Change in unrealized gains (losses) on investments |
124,449,759 |
(536,339,103 |
) |
(469,811,228 |
) |
(1,119 |
) |
(57,045 |
) |
(26 |
) |
||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
97,385,826 |
(413,253,903 |
) |
(79,097,781 |
) |
7,412 |
(29,918 |
) |
48 |
||||||||||||||||||
Policy Transactions: |
|||||||||||||||||||||||||||
Premium payments received from policy owners |
13,980,907 |
14,410,259 |
15,086,301 |
18,842 |
12,379 |
451 |
|||||||||||||||||||||
Net transfers (including fixed account) |
(624,508 |
) |
4,408,688 |
(1,930,172 |
) |
6,616 |
188,192 |
|
|||||||||||||||||||
Policy charges |
(13,378,146 |
) |
(14,530,062 |
) |
(19,849,981 |
) |
(8,041 |
) |
(6,000 |
) |
(149 |
) |
|||||||||||||||
Transfers for policy benefits and terminations |
(12,263,599 |
) |
(15,766,010 |
) |
(42,022,801 |
) |
(9,069 |
) |
(4,592 |
) |
(1 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(12,285,346 |
) |
(11,477,125 |
) |
(48,716,653 |
) |
8,348 |
189,979 |
301 |
||||||||||||||||||
Net increase (decrease) in net assets |
85,100,480 |
(424,731,028 |
) |
(127,814,434 |
) |
15,760 |
160,061 |
349 |
|||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
242,801,988 |
667,533,016 |
795,347,450 |
161,265 |
1,204 |
855 |
|||||||||||||||||||||
End of year |
$ |
327,902,468 |
$ |
242,801,988 |
$ |
667,533,016 |
$ |
177,025 |
$ |
161,265 |
$ |
1,204 |
The accompanying notes are an integral part of these financial statements.
UL-112
BHFTI PIMCO Inflation Protected Bond Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
211,608 |
$ |
675,836 |
$ |
86,345 |
|||||||||
Net realized gains (losses) |
(108,396 |
) |
(81,527 |
) |
86,320 |
||||||||||
Change in unrealized gains (losses) on investments |
229,395 |
(1,924,923 |
) |
411,083 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
332,607 |
(1,330,614 |
) |
583,748 |
|||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
551,598 |
575,515 |
634,964 |
||||||||||||
Net transfers (including fixed account) |
259,290 |
(275,594 |
) |
439,963 |
|||||||||||
Policy charges |
(527,846 |
) |
(534,398 |
) |
(480,776 |
) |
|||||||||
Transfers for policy benefits and terminations |
(380,079 |
) |
(520,097 |
) |
(484,545 |
) |
|||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(97,037 |
) |
(754,574 |
) |
109,606 |
||||||||||
Net increase (decrease) in net assets |
235,570 |
(2,085,188 |
) |
693,354 |
|||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
9,398,333 |
11,483,521 |
10,790,167 |
||||||||||||
End of year |
$ |
9,633,903 |
$ |
9,398,333 |
$ |
11,483,521 |
The accompanying notes are an integral part of these financial statements.
UL-113
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTI PIMCO Total Return Division |
BHFTI Schroders Global Multi-Asset Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
1,433,088 |
$ |
1,506,835 |
$ |
1,000,295 |
$ |
2,561 |
$ |
1,829 |
$ |
442 |
|||||||||||||||
Net realized gains (losses) |
(715,193 |
) |
(590,794 |
) |
2,207,610 |
(310 |
) |
7,560 |
813 |
||||||||||||||||||
Change in unrealized gains (losses) on investments |
2,035,691 |
(8,806,008 |
) |
(3,833,399 |
) |
17,176 |
(39,968 |
) |
13,631 |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
2,753,586 |
(7,889,967 |
) |
(625,494 |
) |
19,427 |
(30,579 |
) |
14,886 |
||||||||||||||||||
Policy Transactions: |
|||||||||||||||||||||||||||
Premium payments received from policy owners |
2,309,266 |
2,488,614 |
2,641,106 |
18,409 |
20,304 |
18,928 |
|||||||||||||||||||||
Net transfers (including fixed account) |
2,293,390 |
(1,481,837 |
) |
4,399,072 |
778 |
193 |
548 |
||||||||||||||||||||
Policy charges |
(2,303,689 |
) |
(2,302,483 |
) |
(2,170,862 |
) |
(6,942 |
) |
(7,896 |
) |
(8,411 |
) |
|||||||||||||||
Transfers for policy benefits and terminations |
(1,858,522 |
) |
(1,688,095 |
) |
(1,997,978 |
) |
(16 |
) |
(10,040 |
) |
(3,826 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
440,445 |
(2,983,801 |
) |
2,871,338 |
12,229 |
2,561 |
7,239 |
||||||||||||||||||||
Net increase (decrease) in net assets |
3,194,031 |
(10,873,768 |
) |
2,245,844 |
31,656 |
(28,018 |
) |
22,125 |
|||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
44,749,811 |
55,623,579 |
53,377,735 |
120,604 |
148,622 |
126,497 |
|||||||||||||||||||||
End of year |
$ |
47,943,842 |
$ |
44,749,811 |
$ |
55,623,579 |
$ |
152,260 |
$ |
120,604 |
$ |
148,622 |
The accompanying notes are an integral part of these financial statements.
UL-114
BHFTI SSGA Growth and Income ETF Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
197,730 |
$ |
262,448 |
$ |
174,146 |
|||||||||
Net realized gains (losses) |
(134,654 |
) |
1,337,054 |
539,990 |
|||||||||||
Change in unrealized gains (losses) on investments |
997,111 |
(3,035,257 |
) |
479,177 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
1,060,187 |
(1,435,755 |
) |
1,193,313 |
|||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
461,769 |
473,061 |
494,367 |
||||||||||||
Net transfers (including fixed account) |
5,613 |
(361,782 |
) |
(314,193 |
) |
||||||||||
Policy charges |
(372,750 |
) |
(381,042 |
) |
(396,272 |
) |
|||||||||
Transfers for policy benefits and terminations |
(545,122 |
) |
(382,493 |
) |
(46,016 |
) |
|||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(450,490 |
) |
(652,256 |
) |
(262,114 |
) |
|||||||||
Net increase (decrease) in net assets |
609,697 |
(2,088,011 |
) |
931,199 |
|||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
7,797,152 |
9,885,163 |
8,953,964 |
||||||||||||
End of year |
$ |
8,406,849 |
$ |
7,797,152 |
$ |
9,885,163 |
The accompanying notes are an integral part of these financial statements.
UL-115
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTI SSGA Growth ETF Division |
BHFTI T. Rowe Price Large Cap Value Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
160,394 |
$ |
256,758 |
$ |
146,993 |
$ |
71,634 |
$ |
66,039 |
$ |
71,598 |
|||||||||||||||
Net realized gains (losses) |
143,173 |
1,432,646 |
576,287 |
496,852 |
443,836 |
47,971 |
|||||||||||||||||||||
Change in unrealized gains (losses) on investments |
901,362 |
(3,262,842 |
) |
788,029 |
(233,257 |
) |
(694,411 |
) |
703,223 |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
1,204,929 |
(1,573,438 |
) |
1,511,309 |
335,229 |
(184,536 |
) |
822,792 |
|||||||||||||||||||
Policy Transactions: |
|||||||||||||||||||||||||||
Premium payments received from policy owners |
547,822 |
589,794 |
571,299 |
2,860 |
30,554 |
28,493 |
|||||||||||||||||||||
Net transfers (including fixed account) |
1,681 |
32,308 |
50,372 |
|
|
(231,460 |
) |
||||||||||||||||||||
Policy charges |
(286,048 |
) |
(307,389 |
) |
(333,654 |
) |
(47,821 |
) |
(47,007 |
) |
(44,033 |
) |
|||||||||||||||
Transfers for policy benefits and terminations |
(1,265,937 |
) |
(440,627 |
) |
(332,062 |
) |
(194,521 |
) |
(25,196 |
) |
|
||||||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(1,002,482 |
) |
(125,914 |
) |
(44,045 |
) |
(239,482 |
) |
(41,649 |
) |
(247,000 |
) |
|||||||||||||||
Net increase (decrease) in net assets |
202,447 |
(1,699,352 |
) |
1,467,264 |
95,747 |
(226,185 |
) |
575,792 |
|||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
8,359,593 |
10,058,945 |
8,591,681 |
3,559,796 |
3,785,981 |
3,210,189 |
|||||||||||||||||||||
End of year |
$ |
8,562,040 |
$ |
8,359,593 |
$ |
10,058,945 |
$ |
3,655,543 |
$ |
3,559,796 |
$ |
3,785,981 |
The accompanying notes are an integral part of these financial statements.
UL-116
BHFTI T. Rowe Price Mid Cap Growth Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
(58,697 |
) |
$ |
(59,600 |
) |
$ |
(73,173 |
) |
||||||
Net realized gains (losses) |
1,785,652 |
7,448,894 |
5,910,425 |
||||||||||||
Change in unrealized gains (losses) on investments |
6,504,434 |
(20,260,558 |
) |
1,850,226 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
8,231,389 |
(12,871,264 |
) |
7,687,478 |
|||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
1,525,403 |
1,545,249 |
1,533,739 |
||||||||||||
Net transfers (including fixed account) |
(281,142 |
) |
(636,842 |
) |
25,348 |
||||||||||
Policy charges |
(1,718,116 |
) |
(1,720,984 |
) |
(1,717,332 |
) |
|||||||||
Transfers for policy benefits and terminations |
(2,121,474 |
) |
(1,666,019 |
) |
(2,710,301 |
) |
|||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(2,595,329 |
) |
(2,478,596 |
) |
(2,868,546 |
) |
|||||||||
Net increase (decrease) in net assets |
5,636,060 |
(15,349,860 |
) |
4,818,932 |
|||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
42,385,009 |
57,734,869 |
52,915,937 |
||||||||||||
End of year |
$ |
48,021,069 |
$ |
42,385,009 |
$ |
57,734,869 |
The accompanying notes are an integral part of these financial statements.
UL-117
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTI Victory Sycamore Mid Cap Value Division |
BHFTII Baillie Gifford International Stock Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
1,728,719 |
$ |
2,023,397 |
$ |
1,382,939 |
$ |
375,751 |
$ |
307,094 |
$ |
299,984 |
|||||||||||||||
Net realized gains (losses) |
12,793,928 |
14,754,931 |
4,870,851 |
(558,301 |
) |
3,568,006 |
6,889,770 |
||||||||||||||||||||
Change in unrealized gains (losses) on investments |
(3,706,209 |
) |
(20,038,123 |
) |
24,609,507 |
7,369,136 |
(20,556,457 |
) |
(7,825,840 |
) |
|||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
10,816,438 |
(3,259,795 |
) |
30,863,297 |
7,186,586 |
(16,681,357 |
) |
(636,086 |
) |
||||||||||||||||||
Policy Transactions: |
|||||||||||||||||||||||||||
Premium payments received from policy owners |
3,882,562 |
4,032,178 |
4,155,478 |
2,492,524 |
2,616,034 |
2,668,896 |
|||||||||||||||||||||
Net transfers (including fixed account) |
(445,874 |
) |
(2,800,288 |
) |
(2,014,266 |
) |
(453,036 |
) |
510,192 |
661,018 |
|||||||||||||||||
Policy charges |
(4,584,315 |
) |
(4,575,196 |
) |
(4,040,162 |
) |
(2,413,655 |
) |
(2,310,945 |
) |
(2,472,971 |
) |
|||||||||||||||
Transfers for policy benefits and terminations |
(5,052,927 |
) |
(4,629,661 |
) |
(4,483,171 |
) |
(1,662,636 |
) |
(1,585,618 |
) |
(2,422,069 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(6,200,554 |
) |
(7,972,967 |
) |
(6,382,121 |
) |
(2,036,803 |
) |
(770,337 |
) |
(1,565,126 |
) |
|||||||||||||||
Net increase (decrease) in net assets |
4,615,884 |
(11,232,762 |
) |
24,481,176 |
5,149,783 |
(17,451,694 |
) |
(2,201,212 |
) |
||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
111,565,348 |
122,798,110 |
98,316,934 |
40,730,492 |
58,182,186 |
60,383,398 |
|||||||||||||||||||||
End of year |
$ |
116,181,232 |
$ |
111,565,348 |
$ |
122,798,110 |
$ |
45,880,275 |
$ |
40,730,492 |
$ |
58,182,186 |
The accompanying notes are an integral part of these financial statements.
UL-118
BHFTII BlackRock Bond Income Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
1,825,799 |
$ |
1,809,339 |
$ |
2,006,631 |
|||||||||
Net realized gains (losses) |
(682,125 |
) |
(660,432 |
) |
1,780,056 |
||||||||||
Change in unrealized gains (losses) on investments |
2,338,747 |
(12,592,363 |
) |
(4,397,445 |
) |
||||||||||
Net increase (decrease) in net assets resulting from operations |
3,482,421 |
(11,443,456 |
) |
(610,758 |
) |
||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
4,425,107 |
4,734,089 |
4,944,595 |
||||||||||||
Net transfers (including fixed account) |
541,707 |
(1,221,903 |
) |
(1,760,173 |
) |
||||||||||
Policy charges |
(4,296,628 |
) |
(4,430,939 |
) |
(4,283,550 |
) |
|||||||||
Transfers for policy benefits and terminations |
(2,584,731 |
) |
(3,999,845 |
) |
(2,897,959 |
) |
|||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(1,914,545 |
) |
(4,918,598 |
) |
(3,997,087 |
) |
|||||||||
Net increase (decrease) in net assets |
1,567,876 |
(16,362,054 |
) |
(4,607,845 |
) |
||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
64,575,963 |
80,938,017 |
85,545,862 |
||||||||||||
End of year |
$ |
66,143,839 |
$ |
64,575,963 |
$ |
80,938,017 |
The accompanying notes are an integral part of these financial statements.
UL-119
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTII BlackRock Capital Appreciation Division |
BHFTII BlackRock Ultra-Short Term Bond Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
(21,080 |
) |
$ |
(27,322 |
) |
$ |
(32,796 |
) |
$ |
364,732 |
$ |
(24,961 |
) |
$ |
52,342 |
|||||||||||
Net realized gains (losses) |
50,646 |
4,986,726 |
3,950,518 |
23,496 |
(7,828 |
) |
(35,468 |
) |
|||||||||||||||||||
Change in unrealized gains (losses) on investments |
8,222,129 |
(15,099,533 |
) |
713,678 |
732,977 |
336,633 |
(89,871 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
8,251,695 |
(10,140,129 |
) |
4,631,400 |
1,121,205 |
303,844 |
(72,997 |
) |
|||||||||||||||||||
Policy Transactions: |
|||||||||||||||||||||||||||
Premium payments received from policy owners |
701,807 |
684,674 |
717,574 |
422,743 |
429,126 |
447,386 |
|||||||||||||||||||||
Net transfers (including fixed account) |
1,443,909 |
617,914 |
1,061,640 |
592,833 |
(49,499 |
) |
(1,109,049 |
) |
|||||||||||||||||||
Policy charges |
(850,433 |
) |
(789,654 |
) |
(805,683 |
) |
(882,155 |
) |
(729,627 |
) |
(779,639 |
) |
|||||||||||||||
Transfers for policy benefits and terminations |
(874,306 |
) |
(587,133 |
) |
(1,084,359 |
) |
(321,318 |
) |
(688,289 |
) |
(448,039 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
420,977 |
(74,199 |
) |
(110,828 |
) |
(187,897 |
) |
(1,038,289 |
) |
(1,889,341 |
) |
||||||||||||||||
Net increase (decrease) in net assets |
8,672,672 |
(10,214,328 |
) |
4,520,572 |
933,308 |
(734,445 |
) |
(1,962,338 |
) |
||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
16,550,858 |
26,765,186 |
22,244,614 |
22,849,135 |
23,583,580 |
25,545,918 |
|||||||||||||||||||||
End of year |
$ |
25,223,530 |
$ |
16,550,858 |
$ |
26,765,186 |
$ |
23,782,443 |
$ |
22,849,135 |
$ |
23,583,580 |
The accompanying notes are an integral part of these financial statements.
UL-120
BHFTII Brighthouse Asset Allocation 20 Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
115,974 |
$ |
110,279 |
$ |
148,648 |
|||||||||
Net realized gains (losses) |
(3,713 |
) |
15,033 |
122,857 |
|||||||||||
Change in unrealized gains (losses) on investments |
137,769 |
(671,321 |
) |
(87,582 |
) |
||||||||||
Net increase (decrease) in net assets resulting from operations |
250,030 |
(546,009 |
) |
183,923 |
|||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
325,229 |
347,452 |
402,525 |
||||||||||||
Net transfers (including fixed account) |
187,467 |
(504,169 |
) |
191,211 |
|||||||||||
Policy charges |
(409,369 |
) |
(436,883 |
) |
(459,964 |
) |
|||||||||
Transfers for policy benefits and terminations |
(135,835 |
) |
(310,441 |
) |
(382,777 |
) |
|||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(32,508 |
) |
(904,041 |
) |
(249,005 |
) |
|||||||||
Net increase (decrease) in net assets |
217,522 |
(1,450,050 |
) |
(65,082 |
) |
||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
3,217,663 |
4,667,713 |
4,732,795 |
||||||||||||
End of year |
$ |
3,435,185 |
$ |
3,217,663 |
$ |
4,667,713 |
The accompanying notes are an integral part of these financial statements.
UL-121
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTII Brighthouse Asset Allocation 40 Division |
BHFTII Brighthouse Asset Allocation 60 Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
336,224 |
$ |
273,395 |
$ |
320,626 |
$ |
1,804,110 |
$ |
1,311,087 |
$ |
1,413,476 |
|||||||||||||||
Net realized gains (losses) |
232,778 |
441,336 |
494,282 |
4,118,451 |
4,088,312 |
3,802,158 |
|||||||||||||||||||||
Change in unrealized gains (losses) on investments |
407,929 |
(2,329,581 |
) |
35,271 |
1,364,351 |
(15,439,414 |
) |
1,508,580 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
976,931 |
(1,614,850 |
) |
850,179 |
7,286,912 |
(10,040,015 |
) |
6,724,214 |
|||||||||||||||||||
Policy Transactions: |
|||||||||||||||||||||||||||
Premium payments received from policy owners |
582,825 |
662,668 |
710,799 |
3,070,912 |
3,084,652 |
3,331,376 |
|||||||||||||||||||||
Net transfers (including fixed account) |
438,217 |
6,772 |
10,424 |
246,533 |
190,974 |
(110,248 |
) |
||||||||||||||||||||
Policy charges |
(690,456 |
) |
(700,934 |
) |
(688,443 |
) |
(3,097,369 |
) |
(3,131,516 |
) |
(3,203,150 |
) |
|||||||||||||||
Transfers for policy benefits and terminations |
(472,631 |
) |
(437,132 |
) |
(829,219 |
) |
(1,718,763 |
) |
(2,419,566 |
) |
(2,231,846 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(142,045 |
) |
(468,626 |
) |
(796,439 |
) |
(1,498,687 |
) |
(2,275,456 |
) |
(2,213,868 |
) |
|||||||||||||||
Net increase (decrease) in net assets |
834,886 |
(2,083,476 |
) |
53,740 |
5,788,225 |
(12,315,471 |
) |
4,510,346 |
|||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
9,630,479 |
11,713,955 |
11,660,215 |
53,824,566 |
66,140,037 |
61,629,691 |
|||||||||||||||||||||
End of year |
$ |
10,465,365 |
$ |
9,630,479 |
$ |
11,713,955 |
$ |
59,612,791 |
$ |
53,824,566 |
$ |
66,140,037 |
The accompanying notes are an integral part of these financial statements.
UL-122
BHFTII Brighthouse Asset Allocation 80 Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
3,624,773 |
$ |
2,266,535 |
$ |
2,383,263 |
|||||||||
Net realized gains (losses) |
11,753,356 |
10,716,118 |
10,072,082 |
||||||||||||
Change in unrealized gains (losses) on investments |
2,667,347 |
(36,798,206 |
) |
5,588,656 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
18,045,476 |
(23,815,553 |
) |
18,044,001 |
|||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
5,660,062 |
5,844,213 |
6,419,558 |
||||||||||||
Net transfers (including fixed account) |
(1,146,699 |
) |
(530,467 |
) |
(79,626 |
) |
|||||||||
Policy charges |
(4,715,485 |
) |
(4,761,507 |
) |
(4,897,568 |
) |
|||||||||
Transfers for policy benefits and terminations |
(8,630,656 |
) |
(4,407,469 |
) |
(8,075,064 |
) |
|||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(8,832,778 |
) |
(3,855,230 |
) |
(6,632,700 |
) |
|||||||||
Net increase (decrease) in net assets |
9,212,698 |
(27,670,783 |
) |
11,411,301 |
|||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
107,621,669 |
135,292,452 |
123,881,151 |
||||||||||||
End of year |
$ |
116,834,367 |
$ |
107,621,669 |
$ |
135,292,452 |
The accompanying notes are an integral part of these financial statements.
UL-123
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTII Brighthouse/Artisan Mid Cap Value Division |
BHFTII Brighthouse/Wellington Balanced Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
513,613 |
$ |
605,051 |
$ |
627,621 |
$ |
5,438,516 |
$ |
4,150,512 |
$ |
5,131,070 |
|||||||||||||||
Net realized gains (losses) |
8,612,074 |
10,717,652 |
2,841,747 |
1,457,309 |
46,668,687 |
38,445,816 |
|||||||||||||||||||||
Change in unrealized gains (losses) on investments |
2,446,559 |
(21,045,564 |
) |
13,633,038 |
46,724,160 |
(120,706,380 |
) |
5,661,022 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
11,572,246 |
(9,722,861 |
) |
17,102,406 |
53,619,985 |
(69,887,181 |
) |
49,237,908 |
|||||||||||||||||||
Policy Transactions: |
|||||||||||||||||||||||||||
Premium payments received from policy owners |
2,831,724 |
2,972,191 |
3,101,820 |
15,668,056 |
17,144,290 |
17,170,980 |
|||||||||||||||||||||
Net transfers (including fixed account) |
(572,670 |
) |
(1,419,670 |
) |
(676,330 |
) |
(848,895 |
) |
(485,258 |
) |
(1,212,756 |
) |
|||||||||||||||
Policy charges |
(2,971,475 |
) |
(2,969,845 |
) |
(2,778,406 |
) |
(19,853,104 |
) |
(19,973,672 |
) |
(19,012,591 |
) |
|||||||||||||||
Transfers for policy benefits and terminations |
(3,162,139 |
) |
(2,840,280 |
) |
(3,210,105 |
) |
(15,875,344 |
) |
(14,813,849 |
) |
(17,372,038 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(3,874,560 |
) |
(4,257,604 |
) |
(3,563,021 |
) |
(20,909,287 |
) |
(18,128,489 |
) |
(20,426,405 |
) |
|||||||||||||||
Net increase (decrease) in net assets |
7,697,686 |
(13,980,465 |
) |
13,539,385 |
32,710,698 |
(88,015,670 |
) |
28,811,503 |
|||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
64,770,145 |
78,750,610 |
65,211,225 |
317,300,443 |
405,316,113 |
376,504,610 |
|||||||||||||||||||||
End of year |
$ |
72,467,831 |
$ |
64,770,145 |
$ |
78,750,610 |
$ |
350,011,141 |
$ |
317,300,443 |
$ |
405,316,113 |
The accompanying notes are an integral part of these financial statements.
UL-124
BHFTII Brighthouse/Wellington Core Equity Opportunities Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
1,333,891 |
$ |
1,418,296 |
$ |
1,370,848 |
|||||||||
Net realized gains (losses) |
10,135,861 |
19,102,700 |
6,616,535 |
||||||||||||
Change in unrealized gains (losses) on investments |
(4,263,901 |
) |
(26,506,960 |
) |
14,772,340 |
||||||||||
Net increase (decrease) in net assets resulting from operations |
7,205,851 |
(5,985,964 |
) |
22,759,723 |
|||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
3,231,658 |
3,353,149 |
3,501,046 |
||||||||||||
Net transfers (including fixed account) |
(776,067 |
) |
(1,493,345 |
) |
(1,951,239 |
) |
|||||||||
Policy charges |
(3,796,570 |
) |
(3,856,873 |
) |
(3,396,280 |
) |
|||||||||
Transfers for policy benefits and terminations |
(4,433,293 |
) |
(4,836,781 |
) |
(3,832,009 |
) |
|||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(5,774,272 |
) |
(6,833,850 |
) |
(5,678,482 |
) |
|||||||||
Net increase (decrease) in net assets |
1,431,579 |
(12,819,814 |
) |
17,081,241 |
|||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
100,213,793 |
113,033,607 |
95,952,366 |
||||||||||||
End of year |
$ |
101,645,372 |
$ |
100,213,793 |
$ |
113,033,607 |
The accompanying notes are an integral part of these financial statements.
UL-125
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTII Frontier Mid Cap Growth Division |
BHFTII Jennison Growth Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
(1,802,565 |
) |
$ |
(1,935,629 |
) |
$ |
(2,514,460 |
) |
$ |
(36,540 |
) |
$ |
(36,477 |
) |
$ |
(47,471 |
) |
|||||||||
Net realized gains (losses) |
(3,560,436 |
) |
81,708,587 |
56,832,955 |
(625,927 |
) |
9,918,957 |
17,123,614 |
|||||||||||||||||||
Change in unrealized gains (losses) on investments |
48,649,081 |
(187,292,218 |
) |
(6,118,297 |
) |
19,882,520 |
(34,198,376 |
) |
(6,638,182 |
) |
|||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
43,286,080 |
(107,519,260 |
) |
48,200,198 |
19,220,053 |
(24,315,896 |
) |
10,437,961 |
|||||||||||||||||||
Policy Transactions: |
|||||||||||||||||||||||||||
Premium payments received from policy owners |
9,477,984 |
10,055,198 |
10,353,447 |
1,259,700 |
1,326,973 |
1,322,387 |
|||||||||||||||||||||
Net transfers (including fixed account) |
(1,294,777 |
) |
(314,312 |
) |
(1,850,279 |
) |
452,670 |
328,109 |
(7,632,261 |
) |
|||||||||||||||||
Policy charges |
(12,554,827 |
) |
(12,631,087 |
) |
(12,369,367 |
) |
(1,750,587 |
) |
(1,649,456 |
) |
(1,724,938 |
) |
|||||||||||||||
Transfers for policy benefits and terminations |
(12,034,395 |
) |
(10,043,032 |
) |
(16,930,815 |
) |
(1,857,145 |
) |
(1,879,403 |
) |
(3,022,151 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(16,406,015 |
) |
(12,933,233 |
) |
(20,797,014 |
) |
(1,895,362 |
) |
(1,873,777 |
) |
(11,056,963 |
) |
|||||||||||||||
Net increase (decrease) in net assets |
26,880,065 |
(120,452,493 |
) |
27,403,184 |
17,324,691 |
(26,189,673 |
) |
(619,002 |
) |
||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
259,298,023 |
379,750,516 |
352,347,332 |
36,949,284 |
63,138,957 |
63,757,959 |
|||||||||||||||||||||
End of year |
$ |
286,178,088 |
$ |
259,298,023 |
$ |
379,750,516 |
$ |
54,273,975 |
$ |
36,949,284 |
$ |
63,138,957 |
The accompanying notes are an integral part of these financial statements.
UL-126
BHFTII Loomis Sayles Small Cap Core Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
26,193 |
$ |
(27,059 |
) |
$ |
(5,323 |
) |
|||||||
Net realized gains (losses) |
1,135,097 |
5,158,860 |
2,406,978 |
||||||||||||
Change in unrealized gains (losses) on investments |
3,226,297 |
(10,113,360 |
) |
3,710,756 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
4,387,587 |
(4,981,559 |
) |
6,112,411 |
|||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
871,773 |
899,777 |
997,473 |
||||||||||||
Net transfers (including fixed account) |
(359,788 |
) |
(467,202 |
) |
(582,057 |
) |
|||||||||
Policy charges |
(1,034,794 |
) |
(1,041,299 |
) |
(1,008,986 |
) |
|||||||||
Transfers for policy benefits and terminations |
(1,291,815 |
) |
(1,034,068 |
) |
(1,170,682 |
) |
|||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(1,814,624 |
) |
(1,642,792 |
) |
(1,764,252 |
) |
|||||||||
Net increase (decrease) in net assets |
2,572,963 |
(6,624,351 |
) |
4,348,159 |
|||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
26,292,547 |
32,916,898 |
28,568,739 |
||||||||||||
End of year |
$ |
28,865,510 |
$ |
26,292,547 |
$ |
32,916,898 |
The accompanying notes are an integral part of these financial statements.
UL-127
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTII Loomis Sayles Small Cap Growth Division |
BHFTII MetLife Aggregate Bond Index Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
(10,393 |
) |
$ |
(10,827 |
) |
$ |
(14,666 |
) |
$ |
4,043,568 |
$ |
4,130,002 |
$ |
3,882,616 |
||||||||||||
Net realized gains (losses) |
(139,943 |
) |
2,917,530 |
2,169,129 |
(2,061,924 |
) |
(1,795,568 |
) |
133,685 |
||||||||||||||||||
Change in unrealized gains (losses) on investments |
1,680,796 |
(7,099,693 |
) |
(421,818 |
) |
5,191,491 |
(23,899,451 |
) |
(6,996,622 |
) |
|||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
1,530,460 |
(4,192,990 |
) |
1,732,645 |
7,173,135 |
(21,565,017 |
) |
(2,980,321 |
) |
||||||||||||||||||
Policy Transactions: |
|||||||||||||||||||||||||||
Premium payments received from policy owners |
495,748 |
522,329 |
562,223 |
7,584,562 |
7,878,189 |
8,046,174 |
|||||||||||||||||||||
Net transfers (including fixed account) |
(23,369 |
) |
(12,439 |
) |
26,577 |
11,354,459 |
(5,719,179 |
) |
19,618,331 |
||||||||||||||||||
Policy charges |
(521,382 |
) |
(522,737 |
) |
(566,078 |
) |
(7,757,432 |
) |
(7,697,229 |
) |
(7,374,286 |
) |
|||||||||||||||
Transfers for policy benefits and terminations |
(449,396 |
) |
(961,029 |
) |
(1,256,918 |
) |
(5,702,042 |
) |
(4,728,573 |
) |
(5,480,468 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(498,399 |
) |
(973,876 |
) |
(1,234,196 |
) |
5,479,547 |
(10,266,792 |
) |
14,809,751 |
|||||||||||||||||
Net increase (decrease) in net assets |
1,032,061 |
(5,166,866 |
) |
498,449 |
12,652,682 |
(31,831,809 |
) |
11,829,430 |
|||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
13,189,360 |
18,356,226 |
17,857,777 |
135,750,759 |
167,582,568 |
155,753,138 |
|||||||||||||||||||||
End of year |
$ |
14,221,421 |
$ |
13,189,360 |
$ |
18,356,226 |
$ |
148,403,441 |
$ |
135,750,759 |
$ |
167,582,568 |
The accompanying notes are an integral part of these financial statements.
UL-128
BHFTII MetLife Mid Cap Stock Index Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
1,393,101 |
$ |
1,221,730 |
$ |
1,318,676 |
|||||||||
Net realized gains (losses) |
7,001,250 |
19,578,932 |
9,850,841 |
||||||||||||
Change in unrealized gains (losses) on investments |
8,544,887 |
(38,563,519 |
) |
16,510,327 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
16,939,238 |
(17,762,857 |
) |
27,679,844 |
|||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
3,977,142 |
4,057,210 |
4,434,629 |
||||||||||||
Net transfers (including fixed account) |
(1,769,962 |
) |
(1,651,848 |
) |
(4,062,150 |
) |
|||||||||
Policy charges |
(4,546,086 |
) |
(4,538,396 |
) |
(4,424,851 |
) |
|||||||||
Transfers for policy benefits and terminations |
(4,808,673 |
) |
(3,828,956 |
) |
(5,019,637 |
) |
|||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(7,147,579 |
) |
(5,961,990 |
) |
(9,072,009 |
) |
|||||||||
Net increase (decrease) in net assets |
9,791,659 |
(23,724,847 |
) |
18,607,835 |
|||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
111,082,035 |
134,806,882 |
116,199,047 |
||||||||||||
End of year |
$ |
120,873,694 |
$ |
111,082,035 |
$ |
134,806,882 |
The accompanying notes are an integral part of these financial statements.
UL-129
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTII MetLife MSCI EAFE®​ Index Division |
BHFTII MetLife Russell 2000®​ Index Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
2,527,213 |
$ |
3,711,618 |
$ |
1,979,285 |
$ |
1,049,519 |
$ |
873,642 |
$ |
976,590 |
|||||||||||||||
Net realized gains (losses) |
1,161,300 |
3,133,062 |
1,567,680 |
1,218,219 |
15,689,583 |
8,612,000 |
|||||||||||||||||||||
Change in unrealized gains (losses) on investments |
13,229,814 |
(23,369,773 |
) |
7,727,026 |
11,056,087 |
(37,571,681 |
) |
4,071,944 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
16,918,327 |
(16,525,093 |
) |
11,273,991 |
13,323,825 |
(21,008,456 |
) |
13,660,534 |
|||||||||||||||||||
Policy Transactions: |
|||||||||||||||||||||||||||
Premium payments received from policy owners |
4,224,440 |
4,433,745 |
4,558,783 |
3,748,638 |
3,871,928 |
3,949,150 |
|||||||||||||||||||||
Net transfers (including fixed account) |
(3,108,852 |
) |
2,219,386 |
5,304,485 |
1,234,833 |
(327,817 |
) |
813,853 |
|||||||||||||||||||
Policy charges |
(4,147,017 |
) |
(4,054,017 |
) |
(3,978,737 |
) |
(3,286,976 |
) |
(3,358,553 |
) |
(3,382,238 |
) |
|||||||||||||||
Transfers for policy benefits and terminations |
(4,753,291 |
) |
(3,464,648 |
) |
(5,042,285 |
) |
(4,305,796 |
) |
(3,678,451 |
) |
(5,431,388 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(7,784,720 |
) |
(865,534 |
) |
842,246 |
(2,609,301 |
) |
(3,492,893 |
) |
(4,050,623 |
) |
||||||||||||||||
Net increase (decrease) in net assets |
9,133,607 |
(17,390,627 |
) |
12,116,237 |
10,714,524 |
(24,501,349 |
) |
9,609,911 |
|||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
100,713,181 |
118,103,808 |
105,987,571 |
80,456,431 |
104,957,780 |
95,347,869 |
|||||||||||||||||||||
End of year |
$ |
109,846,788 |
$ |
100,713,181 |
$ |
118,103,808 |
$ |
91,170,955 |
$ |
80,456,431 |
$ |
104,957,780 |
The accompanying notes are an integral part of these financial statements.
UL-130
BHFTII MetLife Stock Index Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
17,353,954 |
$ |
15,608,916 |
$ |
20,158,250 |
|||||||||
Net realized gains (losses) |
120,438,176 |
153,217,839 |
136,540,106 |
||||||||||||
Change in unrealized gains (losses) on investments |
196,570,065 |
(481,618,289 |
) |
229,936,134 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
334,362,195 |
(312,791,534 |
) |
386,634,490 |
|||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
47,873,507 |
50,707,288 |
52,019,007 |
||||||||||||
Net transfers (including fixed account) |
(9,614,508 |
) |
1,093,178 |
(14,028,855 |
) |
||||||||||
Policy charges |
(49,947,264 |
) |
(48,833,882 |
) |
(44,773,415 |
) |
|||||||||
Transfers for policy benefits and terminations |
(76,486,155 |
) |
(64,072,832 |
) |
(71,631,007 |
) |
|||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(88,174,420 |
) |
(61,106,248 |
) |
(78,414,270 |
) |
|||||||||
Net increase (decrease) in net assets |
246,187,775 |
(373,897,782 |
) |
308,220,220 |
|||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
1,344,098,565 |
1,717,996,347 |
1,409,776,127 |
||||||||||||
End of year |
$ |
1,590,286,340 |
$ |
1,344,098,565 |
$ |
1,717,996,347 |
The accompanying notes are an integral part of these financial statements.
UL-131
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTII MFS®​ Total Return Division |
BHFTII MFS®​ Value Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
218,810 |
$ |
175,882 |
$ |
199,050 |
$ |
2,253,639 |
$ |
2,128,878 |
$ |
2,053,020 |
|||||||||||||||
Net realized gains (losses) |
481,643 |
1,013,446 |
903,131 |
14,595,915 |
19,401,201 |
3,834,431 |
|||||||||||||||||||||
Change in unrealized gains (losses) on investments |
337,017 |
(2,312,792 |
) |
399,170 |
(6,912,633 |
) |
(30,558,662 |
) |
25,108,361 |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
1,037,470 |
(1,123,464 |
) |
1,501,351 |
9,936,921 |
(9,028,583 |
) |
30,995,812 |
|||||||||||||||||||
Policy Transactions: |
|||||||||||||||||||||||||||
Premium payments received from policy owners |
385,343 |
765,225 |
437,220 |
5,051,453 |
5,234,906 |
5,390,814 |
|||||||||||||||||||||
Net transfers (including fixed account) |
57,172 |
101,505 |
5,070 |
469,791 |
(3,004,318 |
) |
(5,670,220 |
) |
|||||||||||||||||||
Policy charges |
(572,338 |
) |
(550,081 |
) |
(507,899 |
) |
(5,404,323 |
) |
(5,420,765 |
) |
(4,949,978 |
) |
|||||||||||||||
Transfers for policy benefits and terminations |
(432,412 |
) |
(317,599 |
) |
(1,351,811 |
) |
(5,978,614 |
) |
(5,786,449 |
) |
(6,418,771 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(562,235 |
) |
(950 |
) |
(1,417,420 |
) |
(5,861,693 |
) |
(8,976,626 |
) |
(11,648,155 |
) |
|||||||||||||||
Net increase (decrease) in net assets |
475,235 |
(1,124,414 |
) |
83,931 |
4,075,228 |
(18,005,209 |
) |
19,347,657 |
|||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
10,410,232 |
11,534,646 |
11,450,715 |
127,780,348 |
145,785,557 |
126,437,900 |
|||||||||||||||||||||
End of year |
$ |
10,885,467 |
$ |
10,410,232 |
$ |
11,534,646 |
$ |
131,855,576 |
$ |
127,780,348 |
$ |
145,785,557 |
The accompanying notes are an integral part of these financial statements.
UL-132
BHFTII Neuberger Berman Genesis Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
66,903 |
$ |
(111,888 |
) |
$ |
(8,120 |
) |
|||||||
Net realized gains (losses) |
12,243,665 |
24,886,165 |
14,011,522 |
||||||||||||
Change in unrealized gains (losses) on investments |
7,333,401 |
(57,421,782 |
) |
13,338,038 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
19,643,969 |
(32,647,505 |
) |
27,341,440 |
|||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
4,843,381 |
5,100,935 |
5,268,186 |
||||||||||||
Net transfers (including fixed account) |
(289,533 |
) |
(1,329,777 |
) |
(2,191,196 |
) |
|||||||||
Policy charges |
(5,773,730 |
) |
(5,744,010 |
) |
(5,646,009 |
) |
|||||||||
Transfers for policy benefits and terminations |
(6,386,518 |
) |
(5,123,641 |
) |
(6,964,973 |
) |
|||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(7,606,400 |
) |
(7,096,493 |
) |
(9,533,992 |
) |
|||||||||
Net increase (decrease) in net assets |
12,037,569 |
(39,743,998 |
) |
17,807,448 |
|||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
131,024,850 |
170,768,848 |
152,961,400 |
||||||||||||
End of year |
$ |
143,062,419 |
$ |
131,024,850 |
$ |
170,768,848 |
The accompanying notes are an integral part of these financial statements.
UL-133
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTII T. Rowe Price Large Cap Growth Division |
BHFTII T. Rowe Price Small Cap Growth Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
(93,657 |
) |
$ |
(95,719 |
) |
$ |
(128,436 |
) |
$ |
(388,066 |
) |
$ |
(176,393 |
) |
$ |
(535,857 |
) |
|||||||||
Net realized gains (losses) |
(831,665 |
) |
25,195,286 |
22,264,886 |
2,636,146 |
25,223,377 |
21,782,926 |
||||||||||||||||||||
Change in unrealized gains (losses) on investments |
47,786,640 |
(96,271,789 |
) |
8,318,298 |
24,029,801 |
(64,055,712 |
) |
(2,889,313 |
) |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
46,861,318 |
(71,172,222 |
) |
30,454,748 |
26,277,881 |
(39,008,728 |
) |
18,357,756 |
|||||||||||||||||||
Policy Transactions: |
|||||||||||||||||||||||||||
Premium payments received from policy owners |
3,683,200 |
3,895,374 |
4,024,411 |
6,009,371 |
6,109,989 |
6,203,457 |
|||||||||||||||||||||
Net transfers (including fixed account) |
425,443 |
956,675 |
1,266,739 |
(1,106,792 |
) |
(1,436,871 |
) |
(1,671,100 |
) |
||||||||||||||||||
Policy charges |
(4,858,184 |
) |
(4,661,748 |
) |
(4,930,801 |
) |
(5,028,783 |
) |
(4,870,630 |
) |
(4,488,738 |
) |
|||||||||||||||
Transfers for policy benefits and terminations |
(5,866,454 |
) |
(4,772,768 |
) |
(7,452,839 |
) |
(8,892,834 |
) |
(7,082,510 |
) |
(8,977,839 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(6,615,995 |
) |
(4,582,467 |
) |
(7,092,490 |
) |
(9,019,038 |
) |
(7,280,022 |
) |
(8,934,220 |
) |
|||||||||||||||
Net increase (decrease) in net assets |
40,245,323 |
(75,754,689 |
) |
23,362,258 |
17,258,843 |
(46,288,750 |
) |
9,423,536 |
|||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
101,829,196 |
177,583,885 |
154,221,627 |
129,077,649 |
175,366,399 |
165,942,863 |
|||||||||||||||||||||
End of year |
$ |
142,074,519 |
$ |
101,829,196 |
$ |
177,583,885 |
$ |
146,336,492 |
$ |
129,077,649 |
$ |
175,366,399 |
The accompanying notes are an integral part of these financial statements.
UL-134
BHFTII VanEck Global Natural Resources Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
12,190 |
$ |
11,613 |
$ |
5,007 |
|||||||||
Net realized gains (losses) |
17,458 |
45,101 |
15,225 |
||||||||||||
Change in unrealized gains (losses) on investments |
(41,068 |
) |
(10,439 |
) |
44,125 |
||||||||||
Net increase (decrease) in net assets resulting from operations |
(11,420 |
) |
46,275 |
64,357 |
|||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
27,180 |
29,783 |
33,593 |
||||||||||||
Net transfers (including fixed account) |
53,826 |
(43,969 |
) |
(5,143 |
) |
||||||||||
Policy charges |
(13,321 |
) |
(15,258 |
) |
(14,424 |
) |
|||||||||
Transfers for policy benefits and terminations |
(18,059 |
) |
(3,933 |
) |
(20,521 |
) |
|||||||||
Net increase (decrease) in net assets resulting from policy transactions |
49,626 |
(33,377 |
) |
(6,495 |
) |
||||||||||
Net increase (decrease) in net assets |
38,206 |
12,898 |
57,862 |
||||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
419,687 |
406,789 |
348,927 |
||||||||||||
End of year |
$ |
457,893 |
$ |
419,687 |
$ |
406,789 |
The accompanying notes are an integral part of these financial statements.
UL-135
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023, 2022 and 2021
BHFTII Western Asset Management Strategic Bond Opportunities Division |
BHFTII Western Asset Management U.S. Government Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
2,881,401 |
$ |
2,847,038 |
$ |
1,991,603 |
$ |
347,749 |
$ |
356,305 |
$ |
493,007 |
|||||||||||||||
Net realized gains (losses) |
(616,372 |
) |
(475,552 |
) |
260,202 |
(261,962 |
) |
(335,381 |
) |
(11,455 |
) |
||||||||||||||||
Change in unrealized gains (losses) on investments |
1,732,783 |
(11,619,678 |
) |
(782,637 |
) |
618,669 |
(1,670,214 |
) |
(797,080 |
) |
|||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
3,997,812 |
(9,248,192 |
) |
1,469,168 |
704,456 |
(1,649,290 |
) |
(315,528 |
) |
||||||||||||||||||
Policy Transactions: |
|||||||||||||||||||||||||||
Premium payments received from policy owners |
2,720,700 |
2,818,903 |
3,241,406 |
1,417,509 |
1,415,157 |
1,462,719 |
|||||||||||||||||||||
Net transfers (including fixed account) |
877,012 |
(1,098,445 |
) |
(168,381 |
) |
306,974 |
(1,541,666 |
) |
771,114 |
||||||||||||||||||
Policy charges |
(2,170,568 |
) |
(2,221,734 |
) |
(2,159,530 |
) |
(1,300,342 |
) |
(1,276,073 |
) |
(1,235,034 |
) |
|||||||||||||||
Transfers for policy benefits and terminations |
(2,748,143 |
) |
(2,258,048 |
) |
(2,913,923 |
) |
(838,212 |
) |
(1,004,455 |
) |
(1,161,447 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(1,320,999 |
) |
(2,759,324 |
) |
(2,000,428 |
) |
(414,071 |
) |
(2,407,037 |
) |
(162,648 |
) |
|||||||||||||||
Net increase (decrease) in net assets |
2,676,813 |
(12,007,516 |
) |
(531,260 |
) |
290,385 |
(4,056,327 |
) |
(478,176 |
) |
|||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
43,750,373 |
55,757,889 |
56,289,149 |
15,449,283 |
19,505,610 |
19,983,786 |
|||||||||||||||||||||
End of year |
$ |
46,427,186 |
$ |
43,750,373 |
$ |
55,757,889 |
$ |
15,739,668 |
$ |
15,449,283 |
$ |
19,505,610 |
The accompanying notes are an integral part of these financial statements.
UL-136
Fidelity®​ VIP Asset Manager: Growth Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
40,027 |
$ |
39,642 |
$ |
34,631 |
|||||||||
Net realized gains (losses) |
12,006 |
167,328 |
72,272 |
||||||||||||
Change in unrealized gains (losses) on investments |
289,426 |
(659,729 |
) |
223,941 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
341,459 |
(452,759 |
) |
330,844 |
|||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
14,845 |
24,209 |
17,463 |
||||||||||||
Net transfers (including fixed account) |
22,301 |
|
2,000 |
||||||||||||
Policy charges |
(73,378 |
) |
(70,620 |
) |
(64,168 |
) |
|||||||||
Transfers for policy benefits and terminations |
|
(53,224 |
) |
(56,968 |
) |
||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(36,232 |
) |
(99,635 |
) |
(101,673 |
) |
|||||||||
Net increase (decrease) in net assets |
305,227 |
(552,394 |
) |
229,171 |
|||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
2,127,215 |
2,679,609 |
2,450,438 |
||||||||||||
End of year |
$ |
2,432,442 |
$ |
2,127,215 |
$ |
2,679,609 |
The accompanying notes are an integral part of these financial statements.
UL-137
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023, 2022 and 2021
Fidelity®​ VIP Contrafund®​ Division |
Fidelity®​ VIP Equity-Income Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
16,301 |
$ |
16,346 |
$ |
2,208 |
$ |
11,451 |
$ |
10,864 |
$ |
9,295 |
|||||||||||||||
Net realized gains (losses) |
208,359 |
277,152 |
669,338 |
17,653 |
17,050 |
50,785 |
|||||||||||||||||||||
Change in unrealized gains (losses) on investments |
955,029 |
(1,637,622 |
) |
481,333 |
33,190 |
(60,315 |
) |
1,237 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
1,179,689 |
(1,344,124 |
) |
1,152,879 |
62,294 |
(32,401 |
) |
61,317 |
|||||||||||||||||||
Policy Transactions: |
|||||||||||||||||||||||||||
Premium payments received from policy owners |
22,004 |
34,203 |
37,112 |
|
27,750 |
13,875 |
|||||||||||||||||||||
Net transfers (including fixed account) |
|
|
(3,880 |
) |
|
|
561,724 |
||||||||||||||||||||
Policy charges |
(115,185 |
) |
(108,911 |
) |
(105,062 |
) |
(6,814 |
) |
(6,658 |
) |
(4,143 |
) |
|||||||||||||||
Transfers for policy benefits and terminations |
(154,483 |
) |
(182,726 |
) |
(79,018 |
) |
|
(25,162 |
) |
(1,944 |
) |
||||||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(247,664 |
) |
(257,434 |
) |
(150,848 |
) |
(6,814 |
) |
(4,070 |
) |
569,512 |
||||||||||||||||
Net increase (decrease) in net assets |
932,025 |
(1,601,558 |
) |
1,002,031 |
55,480 |
(36,471 |
) |
630,829 |
|||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
3,646,981 |
5,248,539 |
4,246,508 |
596,366 |
632,837 |
2,008 |
|||||||||||||||||||||
End of year |
$ |
4,579,006 |
$ |
3,646,981 |
$ |
5,248,539 |
$ |
651,846 |
$ |
596,366 |
$ |
632,837 |
The accompanying notes are an integral part of these financial statements.
UL-138
Fidelity®​ VIP Freedom 2010 Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
6,058 |
$ |
3,450 |
$ |
1,873 |
|||||||||
Net realized gains (losses) |
6,105 |
7,550 |
7,673 |
||||||||||||
Change in unrealized gains (losses) on investments |
1,708 |
(35,001 |
) |
524 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
13,871 |
(24,001 |
) |
10,070 |
|||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
36,799 |
31,908 |
40,896 |
||||||||||||
Net transfers (including fixed account) |
|
|
|
||||||||||||
Policy charges |
|
|
|
||||||||||||
Transfers for policy benefits and terminations |
(42,502 |
) |
(38,465 |
) |
(40,795 |
) |
|||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(5,703 |
) |
(6,557 |
) |
101 |
||||||||||
Net increase (decrease) in net assets |
8,168 |
(30,558 |
) |
10,171 |
|||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
150,487 |
181,045 |
170,874 |
||||||||||||
End of year |
$ |
158,655 |
$ |
150,487 |
$ |
181,045 |
The accompanying notes are an integral part of these financial statements.
UL-139
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023, 2022 and 2021
Fidelity®​ VIP Freedom 2020 Division |
Fidelity®​ VIP Freedom 2025 Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
22,951 |
$ |
15,220 |
$ |
8,783 |
$ |
18,352 |
$ |
12,684 |
$ |
7,319 |
|||||||||||||||
Net realized gains (losses) |
(2,003 |
) |
61,169 |
48,488 |
2,198 |
42,794 |
27,676 |
||||||||||||||||||||
Change in unrealized gains (losses) on investments |
62,274 |
(207,090 |
) |
12,505 |
60,078 |
(172,305 |
) |
34,384 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
83,222 |
(130,701 |
) |
69,776 |
80,628 |
(116,827 |
) |
69,379 |
|||||||||||||||||||
Policy Transactions: |
|||||||||||||||||||||||||||
Premium payments received from policy owners |
129,920 |
150,581 |
154,375 |
67,775 |
33,360 |
18,410 |
|||||||||||||||||||||
Net transfers (including fixed account) |
(39 |
) |
9,476 |
|
3,365 |
|
49 |
||||||||||||||||||||
Policy charges |
(9,003 |
) |
(8,213 |
) |
(7,258 |
) |
(54,435 |
) |
(35,103 |
) |
(23,837 |
) |
|||||||||||||||
Transfers for policy benefits and terminations |
(141,232 |
) |
(151,759 |
) |
(136,655 |
) |
(6,759 |
) |
(2,448 |
) |
|
||||||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(20,354 |
) |
85 |
10,462 |
9,946 |
(4,191 |
) |
(5,378 |
) |
||||||||||||||||||
Net increase (decrease) in net assets |
62,868 |
(130,616 |
) |
80,238 |
90,574 |
(121,018 |
) |
64,001 |
|||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
687,716 |
818,332 |
738,094 |
581,732 |
702,750 |
638,749 |
|||||||||||||||||||||
End of year |
$ |
750,584 |
$ |
687,716 |
$ |
818,332 |
$ |
672,306 |
$ |
581,732 |
$ |
702,750 |
The accompanying notes are an integral part of these financial statements.
UL-140
Fidelity®​ VIP Freedom 2030 Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
11,147 |
$ |
8,244 |
$ |
4,365 |
|||||||||
Net realized gains (losses) |
(11,253 |
) |
12,465 |
56,528 |
|||||||||||
Change in unrealized gains (losses) on investments |
58,905 |
(95,126 |
) |
(7,649 |
) |
||||||||||
Net increase (decrease) in net assets resulting from operations |
58,799 |
(74,417 |
) |
53,244 |
|||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
710,585 |
614,756 |
571,155 |
||||||||||||
Net transfers (including fixed account) |
(23,684 |
) |
10,076 |
(57,654 |
) |
||||||||||
Policy charges |
|
|
|
||||||||||||
Transfers for policy benefits and terminations |
(686,558 |
) |
(571,109 |
) |
(551,681 |
) |
|||||||||
Net increase (decrease) in net assets resulting from policy transactions |
343 |
53,723 |
(38,180 |
) |
|||||||||||
Net increase (decrease) in net assets |
59,142 |
(20,694 |
) |
15,064 |
|||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
423,819 |
444,513 |
429,449 |
||||||||||||
End of year |
$ |
482,961 |
$ |
423,819 |
$ |
444,513 |
The accompanying notes are an integral part of these financial statements.
UL-141
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023, 2022 and 2021
Fidelity®​ VIP Freedom 2040 Division |
Fidelity®​ VIP Freedom 2050 Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
7,669 |
$ |
7,835 |
$ |
4,555 |
$ |
3,967 |
$ |
3,876 |
$ |
2,256 |
|||||||||||||||
Net realized gains (losses) |
5,453 |
30,925 |
71,457 |
1,764 |
12,268 |
40,598 |
|||||||||||||||||||||
Change in unrealized gains (losses) on investments |
70,763 |
(131,477 |
) |
11,939 |
39,985 |
(61,890 |
) |
1,469 |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
83,885 |
(92,717 |
) |
87,951 |
45,716 |
(45,746 |
) |
44,323 |
|||||||||||||||||||
Policy Transactions: |
|||||||||||||||||||||||||||
Premium payments received from policy owners |
697,321 |
601,185 |
551,561 |
323,122 |
285,932 |
295,517 |
|||||||||||||||||||||
Net transfers (including fixed account) |
(34,301 |
) |
3,137 |
(74,276 |
) |
(203 |
) |
(976 |
) |
(95,610 |
) |
||||||||||||||||
Policy charges |
|
|
|
|
|
|
|||||||||||||||||||||
Transfers for policy benefits and terminations |
(691,181 |
) |
(577,365 |
) |
(525,236 |
) |
(307,258 |
) |
(273,611 |
) |
(217,126 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(28,161 |
) |
26,957 |
(47,951 |
) |
15,661 |
11,345 |
(17,219 |
) |
||||||||||||||||||
Net increase (decrease) in net assets |
55,724 |
(65,760 |
) |
40,000 |
61,377 |
(34,401 |
) |
27,104 |
|||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
466,605 |
532,365 |
492,365 |
231,656 |
266,057 |
238,953 |
|||||||||||||||||||||
End of year |
$ |
522,329 |
$ |
466,605 |
$ |
532,365 |
$ |
293,033 |
$ |
231,656 |
$ |
266,057 |
The accompanying notes are an integral part of these financial statements.
UL-142
Fidelity®​ VIP Government Money Market Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
318,534 |
$ |
85,076 |
$ |
519 |
|||||||||
Net realized gains (losses) |
|
|
|
||||||||||||
Change in unrealized gains (losses) on investments |
|
|
|
||||||||||||
Net increase (decrease) in net assets resulting from operations |
318,534 |
85,076 |
519 |
||||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
2,105,256 |
2,100,678 |
649,882 |
||||||||||||
Net transfers (including fixed account) |
(1,624,206 |
) |
(1,392,934 |
) |
(248,028 |
) |
|||||||||
Policy charges |
(156,375 |
) |
(138,633 |
) |
(113,465 |
) |
|||||||||
Transfers for policy benefits and terminations |
(292,696 |
) |
(18,461 |
) |
(213,589 |
) |
|||||||||
Net increase (decrease) in net assets resulting from policy transactions |
31,979 |
550,650 |
74,800 |
||||||||||||
Net increase (decrease) in net assets |
350,513 |
635,726 |
75,319 |
||||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
6,137,917 |
5,502,191 |
5,426,872 |
||||||||||||
End of year |
$ |
6,488,430 |
$ |
6,137,917 |
$ |
5,502,191 |
The accompanying notes are an integral part of these financial statements.
UL-143
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023, 2022 and 2021
Fidelity®​ VIP High Income Division |
Fidelity®​ VIP Investment Grade Bond Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
959 |
$ |
857 |
$ |
4,743 |
$ |
26,007 |
$ |
22,445 |
$ |
18,182 |
|||||||||||||||
Net realized gains (losses) |
(96 |
) |
(54 |
) |
(11,667 |
) |
(10,728 |
) |
42,197 |
21,066 |
|||||||||||||||||
Change in unrealized gains (losses) on investments |
806 |
(2,727 |
) |
13,393 |
43,728 |
(205,509 |
) |
(27,592 |
) |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
1,669 |
(1,924 |
) |
6,469 |
59,007 |
(140,867 |
) |
11,656 |
|||||||||||||||||||
Policy Transactions: |
|||||||||||||||||||||||||||
Premium payments received from policy owners |
449 |
510 |
10,290 |
10,501 |
45,325 |
30,280 |
|||||||||||||||||||||
Net transfers (including fixed account) |
1 |
1,200 |
(480,363 |
) |
66,165 |
1,896 |
1,086,062 |
||||||||||||||||||||
Policy charges |
(579 |
) |
(489 |
) |
(2,024 |
) |
(24,964 |
) |
(21,461 |
) |
(17,407 |
) |
|||||||||||||||
Transfers for policy benefits and terminations |
|
|
|
(31,182 |
) |
(37,832 |
) |
(46,666 |
) |
||||||||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(129 |
) |
1,221 |
(472,097 |
) |
20,520 |
(12,072 |
) |
1,052,269 |
||||||||||||||||||
Net increase (decrease) in net assets |
1,540 |
(703 |
) |
(465,628 |
) |
79,527 |
(152,939 |
) |
1,063,925 |
||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
16,013 |
16,716 |
482,344 |
954,633 |
1,107,572 |
43,647 |
|||||||||||||||||||||
End of year |
$ |
17,553 |
$ |
16,013 |
$ |
16,716 |
$ |
1,034,160 |
$ |
954,633 |
$ |
1,107,572 |
The accompanying notes are an integral part of these financial statements.
UL-144
Fidelity®​ VIP Mid Cap Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
1,232 |
$ |
846 |
$ |
1,230 |
|||||||||
Net realized gains (losses) |
9,309 |
21,526 |
61,555 |
||||||||||||
Change in unrealized gains (losses) on investments |
33,376 |
(76,123 |
) |
11,950 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
43,917 |
(53,751 |
) |
74,735 |
|||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
1,110 |
1,203 |
1,018 |
||||||||||||
Net transfers (including fixed account) |
|
|
|
||||||||||||
Policy charges |
(6,869 |
) |
(6,468 |
) |
(5,940 |
) |
|||||||||
Transfers for policy benefits and terminations |
(154 |
) |
(306 |
) |
(15,414 |
) |
|||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(5,913 |
) |
(5,571 |
) |
(20,336 |
) |
|||||||||
Net increase (decrease) in net assets |
38,004 |
(59,322 |
) |
54,399 |
|||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
300,286 |
359,608 |
305,209 |
||||||||||||
End of year |
$ |
338,290 |
$ |
300,286 |
$ |
359,608 |
The accompanying notes are an integral part of these financial statements.
UL-145
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023, 2022 and 2021
FTVIPT Franklin Income VIP Division |
FTVIPT Franklin Mutual Global Discovery VIP Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
414 |
$ |
412 |
$ |
425 |
$ |
2,742 |
$ |
1,418 |
$ |
2,717 |
|||||||||||||||
Net realized gains (losses) |
473 |
187 |
135 |
4,956 |
8,420 |
12,416 |
|||||||||||||||||||||
Change in unrealized gains (losses) on investments |
(220 |
) |
(1,093 |
) |
961 |
11,252 |
(14,834 |
) |
84,002 |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
667 |
(494 |
) |
1,521 |
18,950 |
(4,996 |
) |
99,135 |
|||||||||||||||||||
Policy Transactions: |
|||||||||||||||||||||||||||
Premium payments received from policy owners |
|
|
|
898 |
1,020 |
14,791 |
|||||||||||||||||||||
Net transfers (including fixed account) |
46 |
(251 |
) |
(2,629 |
) |
|
|
(707,565 |
) |
||||||||||||||||||
Policy charges |
(355 |
) |
(621 |
) |
(774 |
) |
(1,449 |
) |
(1,256 |
) |
(3,423 |
) |
|||||||||||||||
Transfers for policy benefits and terminations |
|
|
(41 |
) |
(41,433 |
) |
|
|
|||||||||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(309 |
) |
(872 |
) |
(3,444 |
) |
(41,984 |
) |
(236 |
) |
(696,197 |
) |
|||||||||||||||
Net increase (decrease) in net assets |
358 |
(1,366 |
) |
(1,923 |
) |
(23,034 |
) |
(5,232 |
) |
(597,062 |
) |
||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
7,958 |
9,324 |
11,247 |
99,897 |
105,129 |
702,191 |
|||||||||||||||||||||
End of year |
$ |
8,316 |
$ |
7,958 |
$ |
9,324 |
$ |
76,863 |
$ |
99,897 |
$ |
105,129 |
The accompanying notes are an integral part of these financial statements.
UL-146
FTVIPT Franklin Mutual Shares VIP Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
1,493 |
$ |
1,623 |
$ |
2,833 |
|||||||||
Net realized gains (losses) |
809 |
9,417 |
(9 |
) |
|||||||||||
Change in unrealized gains (losses) on investments |
8,256 |
(18,112 |
) |
14,028 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
10,558 |
(7,072 |
) |
16,852 |
|||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
|
|
|
||||||||||||
Net transfers (including fixed account) |
(8,713 |
) |
(2,870 |
) |
(1,539 |
) |
|||||||||
Policy charges |
(4,030 |
) |
(5,100 |
) |
(5,239 |
) |
|||||||||
Transfers for policy benefits and terminations |
|
(589 |
) |
(88 |
) |
||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(12,743 |
) |
(8,559 |
) |
(6,866 |
) |
|||||||||
Net increase (decrease) in net assets |
(2,185 |
) |
(15,631 |
) |
9,986 |
||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
84,759 |
100,390 |
90,404 |
||||||||||||
End of year |
$ |
82,574 |
$ |
84,759 |
$ |
100,390 |
The accompanying notes are an integral part of these financial statements.
UL-147
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023, 2022 and 2021
FTVIPT Templeton Foreign VIP Division |
FTVIPT Templeton Global Bond VIP Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
199,458 |
$ |
178,136 |
$ |
120,502 |
$ |
|
$ |
|
$ |
|
|||||||||||||||
Net realized gains (losses) |
(64,565 |
) |
(16,737 |
) |
2,452 |
(9,405 |
) |
(24,349 |
) |
(5,752 |
) |
||||||||||||||||
Change in unrealized gains (losses) on investments |
970,272 |
(591,489 |
) |
122,188 |
42,010 |
(28,050 |
) |
(47,292 |
) |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
1,105,165 |
(430,090 |
) |
245,142 |
32,605 |
(52,399 |
) |
(53,044 |
) |
||||||||||||||||||
Policy Transactions: |
|||||||||||||||||||||||||||
Premium payments received from policy owners |
161,662 |
180,081 |
169,646 |
449 |
42,949 |
40,080 |
|||||||||||||||||||||
Net transfers (including fixed account) |
28,718 |
|
51,156 |
29,840 |
(33,298 |
) |
55,903 |
||||||||||||||||||||
Policy charges |
(147,970 |
) |
(130,090 |
) |
(126,927 |
) |
(26,847 |
) |
(30,833 |
) |
(28,467 |
) |
|||||||||||||||
Transfers for policy benefits and terminations |
(97,177 |
) |
(99,895 |
) |
(32,292 |
) |
(8,307 |
) |
(27,945 |
) |
(1,929 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(54,767 |
) |
(49,904 |
) |
61,583 |
(4,865 |
) |
(49,127 |
) |
65,587 |
|||||||||||||||||
Net increase (decrease) in net assets |
1,050,398 |
(479,994 |
) |
306,725 |
27,740 |
(101,526 |
) |
12,543 |
|||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
5,368,253 |
5,848,247 |
5,541,522 |
1,027,769 |
1,129,295 |
1,116,752 |
|||||||||||||||||||||
End of year |
$ |
6,418,651 |
$ |
5,368,253 |
$ |
5,848,247 |
$ |
1,055,509 |
$ |
1,027,769 |
$ |
1,129,295 |
The accompanying notes are an integral part of these financial statements.
UL-148
Goldman Sachs Small Cap Equity Insights Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
34 |
$ |
38 |
$ |
103 |
|||||||||
Net realized gains (losses) |
(50 |
) |
186 |
7,136 |
|||||||||||
Change in unrealized gains (losses) on investments |
1,164 |
(4,151 |
) |
(1,923 |
) |
||||||||||
Net increase (decrease) in net assets resulting from operations |
1,148 |
(3,927 |
) |
5,316 |
|||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
468 |
351 |
468 |
||||||||||||
Net transfers (including fixed account) |
|
|
|
||||||||||||
Policy charges |
(9,256 |
) |
(7,962 |
) |
(6,866 |
) |
|||||||||
Transfers for policy benefits and terminations |
|
|
|
||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(8,788 |
) |
(7,611 |
) |
(6,398 |
) |
|||||||||
Net increase (decrease) in net assets |
(7,640 |
) |
(11,538 |
) |
(1,082 |
) |
|||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
11,307 |
22,845 |
23,927 |
||||||||||||
End of year |
$ |
3,667 |
$ |
11,307 |
$ |
22,845 |
The accompanying notes are an integral part of these financial statements.
UL-149
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023, 2022 and 2021
Invesco V.I. Comstock Division |
Invesco V.I. EQV International Equity Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
2,113 |
$ |
1,228 |
$ |
1,386 |
$ |
797 |
$ |
7,076 |
$ |
6,245 |
|||||||||||||||
Net realized gains (losses) |
16,843 |
3,250 |
129,400 |
(1,793 |
) |
42,925 |
37,842 |
||||||||||||||||||||
Change in unrealized gains (losses) on investments |
(4,403 |
) |
(3,745 |
) |
25,084 |
67,689 |
(136,776 |
) |
(17,233 |
) |
|||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
14,553 |
733 |
155,870 |
66,693 |
(86,775 |
) |
26,854 |
||||||||||||||||||||
Policy Transactions: |
|||||||||||||||||||||||||||
Premium payments received from policy owners |
|
|
15,440 |
898 |
1,020 |
1,281 |
|||||||||||||||||||||
Net transfers (including fixed account) |
48,968 |
|
(847,135 |
) |
2,652 |
(12,019 |
) |
27,358 |
|||||||||||||||||||
Policy charges |
(6,234 |
) |
(2,127 |
) |
(4,492 |
) |
(21,313 |
) |
(19,558 |
) |
(19,340 |
) |
|||||||||||||||
Transfers for policy benefits and terminations |
(7,762 |
) |
(1 |
) |
|
|
|
(3,272 |
) |
||||||||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
34,972 |
(2,128 |
) |
(836,187 |
) |
(17,763 |
) |
(30,557 |
) |
6,027 |
|||||||||||||||||
Net increase (decrease) in net assets |
49,525 |
(1,395 |
) |
(680,317 |
) |
48,930 |
(117,332 |
) |
32,881 |
||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
90,048 |
91,443 |
771,760 |
371,537 |
488,869 |
455,988 |
|||||||||||||||||||||
End of year |
$ |
139,573 |
$ |
90,048 |
$ |
91,443 |
$ |
420,467 |
$ |
371,537 |
$ |
488,869 |
The accompanying notes are an integral part of these financial statements.
UL-150
Janus Henderson Balanced Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
27,978 |
$ |
17,550 |
$ |
11,727 |
|||||||||
Net realized gains (losses) |
45,807 |
58,643 |
26,416 |
||||||||||||
Change in unrealized gains (losses) on investments |
150,801 |
(385,654 |
) |
235,076 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
224,586 |
(309,461 |
) |
273,219 |
|||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
2,458 |
2,341 |
1,422 |
||||||||||||
Net transfers (including fixed account) |
|
|
10 |
||||||||||||
Policy charges |
(43,005 |
) |
(39,916 |
) |
(37,017 |
) |
|||||||||
Transfers for policy benefits and terminations |
(103,044 |
) |
|
|
|||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(143,591 |
) |
(37,575 |
) |
(35,585 |
) |
|||||||||
Net increase (decrease) in net assets |
80,995 |
(347,036 |
) |
237,634 |
|||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
1,525,114 |
1,872,150 |
1,634,516 |
||||||||||||
End of year |
$ |
1,606,109 |
$ |
1,525,114 |
$ |
1,872,150 |
The accompanying notes are an integral part of these financial statements.
UL-151
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023, 2022 and 2021
Janus Henderson Enterprise Division |
Janus Henderson Forty Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
193 |
$ |
202 |
$ |
769 |
$ |
803 |
$ |
304 |
$ |
|
|||||||||||||||
Net realized gains (losses) |
13,194 |
48,263 |
70,994 |
(1,625 |
) |
98,784 |
96,351 |
||||||||||||||||||||
Change in unrealized gains (losses) on investments |
20,903 |
(97,297 |
) |
(19,152 |
) |
208,396 |
(370,338 |
) |
53,388 |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
34,290 |
(48,832 |
) |
52,611 |
207,574 |
(271,250 |
) |
149,739 |
|||||||||||||||||||
Policy Transactions: |
|||||||||||||||||||||||||||
Premium payments received from policy owners |
|
|
|
3,596 |
3,779 |
2,875 |
|||||||||||||||||||||
Net transfers (including fixed account) |
40,004 |
(100,207 |
) |
11,319 |
|
3 |
13 |
||||||||||||||||||||
Policy charges |
(2,138 |
) |
(2,615 |
) |
(3,421 |
) |
(12,343 |
) |
(11,778 |
) |
(12,515 |
) |
|||||||||||||||
Transfers for policy benefits and terminations |
(23,658 |
) |
(295 |
) |
(64,437 |
) |
|
|
|
||||||||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
14,208 |
(103,117 |
) |
(56,539 |
) |
(8,747 |
) |
(7,996 |
) |
(9,627 |
) |
||||||||||||||||
Net increase (decrease) in net assets |
48,498 |
(151,949 |
) |
(3,928 |
) |
198,827 |
(279,246 |
) |
140,112 |
||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
187,818 |
339,767 |
343,695 |
526,836 |
806,082 |
665,970 |
|||||||||||||||||||||
End of year |
$ |
236,316 |
$ |
187,818 |
$ |
339,767 |
$ |
725,663 |
$ |
526,836 |
$ |
806,082 |
The accompanying notes are an integral part of these financial statements.
UL-152
Janus Henderson Research Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
829 |
$ |
855 |
$ |
623 |
|||||||||
Net realized gains (losses) |
1,053 |
95,633 |
33,435 |
||||||||||||
Change in unrealized gains (losses) on investments |
202,141 |
(299,888 |
) |
81,603 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
204,023 |
(203,400 |
) |
115,661 |
|||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
|
|
|
||||||||||||
Net transfers (including fixed account) |
|
|
|
||||||||||||
Policy charges |
(4,647 |
) |
(4,266 |
) |
(4,725 |
) |
|||||||||
Transfers for policy benefits and terminations |
|
|
|
||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(4,647 |
) |
(4,266 |
) |
(4,725 |
) |
|||||||||
Net increase (decrease) in net assets |
199,376 |
(207,666 |
) |
110,936 |
|||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
474,557 |
682,223 |
571,287 |
||||||||||||
End of year |
$ |
673,933 |
$ |
474,557 |
$ |
682,223 |
The accompanying notes are an integral part of these financial statements.
UL-153
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023, 2022 and 2021
MFS®​ VIT Global Equity Division |
MFS®​ VIT New Discovery Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
725 |
$ |
303 |
$ |
700 |
$ |
|
$ |
|
$ |
|
|||||||||||||||
Net realized gains (losses) |
5,795 |
13,801 |
10,012 |
(715 |
) |
8,135 |
6,841 |
||||||||||||||||||||
Change in unrealized gains (losses) on investments |
10,742 |
(43,676 |
) |
12,859 |
3,680 |
(17,884 |
) |
(6,217 |
) |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
17,262 |
(29,572 |
) |
23,571 |
2,965 |
(9,749 |
) |
624 |
|||||||||||||||||||
Policy Transactions: |
|||||||||||||||||||||||||||
Premium payments received from policy owners |
2,693 |
3,059 |
3,842 |
|
|
|
|||||||||||||||||||||
Net transfers (including fixed account) |
|
4 |
|
|
|
|
|||||||||||||||||||||
Policy charges |
(1,814 |
) |
(1,662 |
) |
(1,618 |
) |
(1,362 |
) |
(1,783 |
) |
(1,941 |
) |
|||||||||||||||
Transfers for policy benefits and terminations |
(46,584 |
) |
|
|
|
|
(1 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(45,705 |
) |
1,401 |
2,224 |
(1,362 |
) |
(1,783 |
) |
(1,942 |
) |
|||||||||||||||||
Net increase (decrease) in net assets |
(28,443 |
) |
(28,171 |
) |
25,795 |
1,603 |
(11,532 |
) |
(1,318 |
) |
|||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
136,399 |
164,570 |
138,775 |
21,512 |
33,044 |
34,362 |
|||||||||||||||||||||
End of year |
$ |
107,956 |
$ |
136,399 |
$ |
164,570 |
$ |
23,115 |
$ |
21,512 |
$ |
33,044 |
The accompanying notes are an integral part of these financial statements.
UL-154
MFS®​ VIT II High Yield Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
8,930 |
$ |
8,586 |
$ |
8,360 |
|||||||||
Net realized gains (losses) |
(803 |
) |
(614 |
) |
(139 |
) |
|||||||||
Change in unrealized gains (losses) on investments |
10,928 |
(26,983 |
) |
(2,893 |
) |
||||||||||
Net increase (decrease) in net assets resulting from operations |
19,055 |
(19,011 |
) |
5,328 |
|||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
|
|
|
||||||||||||
Net transfers (including fixed account) |
|
1 |
|
||||||||||||
Policy charges |
(3,619 |
) |
(3,128 |
) |
(2,404 |
) |
|||||||||
Transfers for policy benefits and terminations |
(1 |
) |
|
|
|||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(3,620 |
) |
(3,127 |
) |
(2,404 |
) |
|||||||||
Net increase (decrease) in net assets |
15,435 |
(22,138 |
) |
2,924 |
|||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
154,850 |
176,988 |
174,064 |
||||||||||||
End of year |
$ |
170,285 |
$ |
154,850 |
$ |
176,988 |
The accompanying notes are an integral part of these financial statements.
UL-155
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023, 2022 and 2021
Morgan Stanley VIF Emerging Markets Debt Division |
Morgan Stanley VIF Emerging Markets Equity Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
44,972 |
$ |
40,256 |
$ |
37,404 |
$ |
69,083 |
$ |
19,014 |
$ |
47,349 |
|||||||||||||||
Net realized gains (losses) |
(24,412 |
) |
(5,163 |
) |
(4,949 |
) |
54,602 |
445,259 |
81,302 |
||||||||||||||||||
Change in unrealized gains (losses) on investments |
36,878 |
(155,964 |
) |
(43,369 |
) |
359,111 |
(1,859,803 |
) |
293 |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
57,438 |
(120,871 |
) |
(10,914 |
) |
482,796 |
(1,395,530 |
) |
128,944 |
||||||||||||||||||
Policy Transactions: |
|||||||||||||||||||||||||||
Premium payments received from policy owners |
2,126 |
2,126 |
2,126 |
5,768 |
6,580 |
3,925 |
|||||||||||||||||||||
Net transfers (including fixed account) |
|
5,419 |
3,093 |
50,829 |
(2,678 |
) |
1,124,005 |
||||||||||||||||||||
Policy charges |
(11,375 |
) |
(8,447 |
) |
(12,383 |
) |
(85,753 |
) |
(65,192 |
) |
(92,484 |
) |
|||||||||||||||
Transfers for policy benefits and terminations |
(51,633 |
) |
(11,035 |
) |
(10,016 |
) |
(7,236 |
) |
(78,004 |
) |
(58,964 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(60,882 |
) |
(11,937 |
) |
(17,180 |
) |
(36,392 |
) |
(139,294 |
) |
976,482 |
||||||||||||||||
Net increase (decrease) in net assets |
(3,444 |
) |
(132,808 |
) |
(28,094 |
) |
446,404 |
(1,534,824 |
) |
1,105,426 |
|||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
512,206 |
645,014 |
673,108 |
4,071,650 |
5,606,474 |
4,501,048 |
|||||||||||||||||||||
End of year |
$ |
508,762 |
$ |
512,206 |
$ |
645,014 |
$ |
4,518,054 |
$ |
4,071,650 |
$ |
5,606,474 |
The accompanying notes are an integral part of these financial statements.
UL-156
PIMCO VIT All Asset Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
779 |
$ |
2,061 |
$ |
3,073 |
|||||||||
Net realized gains (losses) |
(139 |
) |
2,086 |
40 |
|||||||||||
Change in unrealized gains (losses) on investments |
1,420 |
(7,583 |
) |
938 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
2,060 |
(3,436 |
) |
4,051 |
|||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
449 |
510 |
640 |
||||||||||||
Net transfers (including fixed account) |
|
|
1 |
||||||||||||
Policy charges |
(706 |
) |
(669 |
) |
(582 |
) |
|||||||||
Transfers for policy benefits and terminations |
|
|
|
||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(257 |
) |
(159 |
) |
59 |
||||||||||
Net increase (decrease) in net assets |
1,803 |
(3,595 |
) |
4,110 |
|||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
25,461 |
29,056 |
24,946 |
||||||||||||
End of year |
$ |
27,264 |
$ |
25,461 |
$ |
29,056 |
The accompanying notes are an integral part of these financial statements.
UL-157
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023, 2022 and 2021
PIMCO VIT CommodityRealReturn®​ Strategy Division |
PIMCO VIT Low Duration Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
5,613 |
$ |
9,406 |
$ |
1,611 |
$ |
28,255 |
$ |
13,453 |
$ |
4,480 |
|||||||||||||||
Net realized gains (losses) |
(4,359 |
) |
1,013 |
566 |
(1,636 |
) |
(1,029 |
) |
(62 |
) |
|||||||||||||||||
Change in unrealized gains (losses) on investments |
(4,596 |
) |
(6,767 |
) |
8,452 |
11,642 |
(60,669 |
) |
(12,342 |
) |
|||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
(3,342 |
) |
3,652 |
10,629 |
38,261 |
(48,245 |
) |
(7,924 |
) |
||||||||||||||||||
Policy Transactions: |
|||||||||||||||||||||||||||
Premium payments received from policy owners |
686 |
686 |
686 |
|
|
|
|||||||||||||||||||||
Net transfers (including fixed account) |
|
1,201 |
|
|
|
|
|||||||||||||||||||||
Policy charges |
(5,554 |
) |
(5,666 |
) |
(4,806 |
) |
(17,442 |
) |
(15,519 |
) |
(11,919 |
) |
|||||||||||||||
Transfers for policy benefits and terminations |
(15,243 |
) |
|
|
(1 |
) |
(1 |
) |
|
||||||||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(20,111 |
) |
(3,779 |
) |
(4,120 |
) |
(17,443 |
) |
(15,520 |
) |
(11,919 |
) |
|||||||||||||||
Net increase (decrease) in net assets |
(23,453 |
) |
(127 |
) |
6,509 |
20,818 |
(63,765 |
) |
(19,843 |
) |
|||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
39,938 |
40,065 |
33,556 |
781,114 |
844,879 |
864,722 |
|||||||||||||||||||||
End of year |
$ |
16,485 |
$ |
39,938 |
$ |
40,065 |
$ |
801,932 |
$ |
781,114 |
$ |
844,879 |
The accompanying notes are an integral part of these financial statements.
UL-158
Pioneer Mid Cap Value VCT Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
387 |
$ |
391 |
$ |
169 |
|||||||||
Net realized gains (losses) |
2,208 |
7,553 |
16 |
||||||||||||
Change in unrealized gains (losses) on investments |
(203 |
) |
(9,059 |
) |
4,256 |
||||||||||
Net increase (decrease) in net assets resulting from operations |
2,392 |
(1,115 |
) |
4,441 |
|||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
449 |
510 |
640 |
||||||||||||
Net transfers (including fixed account) |
|
|
1 |
||||||||||||
Policy charges |
(149 |
) |
(137 |
) |
(123 |
) |
|||||||||
Transfers for policy benefits and terminations |
(1 |
) |
|
|
|||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
299 |
373 |
518 |
||||||||||||
Net increase (decrease) in net assets |
2,691 |
(742 |
) |
4,959 |
|||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
19,005 |
19,747 |
14,788 |
||||||||||||
End of year |
$ |
21,696 |
$ |
19,005 |
$ |
19,747 |
The accompanying notes are an integral part of these financial statements.
UL-159
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Concluded)
For the years ended December 31, 2023, 2022 and 2021
Royce Micro-Cap Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
|
$ |
|
$ |
|
|||||||||
Net realized gains (losses) |
(24 |
) |
4,700 |
859 |
|||||||||||
Change in unrealized gains (losses) on investments |
2,717 |
(8,906 |
) |
3,499 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
2,693 |
(4,206 |
) |
4,358 |
|||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
|
|
|
||||||||||||
Net transfers (including fixed account) |
|
|
|
||||||||||||
Policy charges |
(142 |
) |
(137 |
) |
(157 |
) |
|||||||||
Transfers for policy benefits and terminations |
(1 |
) |
|
|
|||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(143 |
) |
(137 |
) |
(157 |
) |
|||||||||
Net increase (decrease) in net assets |
2,550 |
(4,343 |
) |
4,201 |
|||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
14,424 |
18,767 |
14,566 |
||||||||||||
End of year |
$ |
16,974 |
$ |
14,424 |
$ |
18,767 |
The accompanying notes are an integral part of these financial statements.
UL-160
Royce Small-Cap Division |
|||||||||||||||
2023 |
2022 |
2021 |
|||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||
From Operations: |
|||||||||||||||
Net investment income (loss) |
$ |
139 |
$ |
61 |
$ |
241 |
|||||||||
Net realized gains (losses) |
1,488 |
200 |
44 |
||||||||||||
Change in unrealized gains (losses) on investments |
2,183 |
(1,931 |
) |
3,763 |
|||||||||||
Net increase (decrease) in net assets resulting from operations |
3,810 |
(1,670 |
) |
4,048 |
|||||||||||
Policy Transactions: |
|||||||||||||||
Premium payments received from policy owners |
1,110 |
1,203 |
1,018 |
||||||||||||
Net transfers (including fixed account) |
4 |
2 |
|
||||||||||||
Policy charges |
(2,167 |
) |
(1,839 |
) |
(1,472 |
) |
|||||||||
Transfers for policy benefits and terminations |
|
|
|
||||||||||||
Net increase (decrease) in net assets resulting from policy transactions |
(1,053 |
) |
(634 |
) |
(454 |
) |
|||||||||
Net increase (decrease) in net assets |
2,757 |
(2,304 |
) |
3,594 |
|||||||||||
Net Assets: |
|||||||||||||||
Beginning of year |
15,423 |
17,727 |
14,133 |
||||||||||||
End of year |
$ |
18,180 |
$ |
15,423 |
$ |
17,727 |
The accompanying notes are an integral part of these financial statements.
UL-161
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS
1. ORGANIZATION
Metropolitan Life Separate Account UL (the "Separate Account"), a separate account of Metropolitan Life Insurance Company (the "Company"), was established by the Company's Board of Directors on December 13, 1988 to support operations of the Company with respect to certain variable life insurance policies (the "Policies"). The Company is a direct wholly-owned subsidiary of MetLife, Inc., a Delaware corporation. The Separate Account is registered as a unit investment trust under the Investment Company Act of 1940, as amended, and is subject to the rules and regulations of the United States Securities and Exchange Commission, as well as the New York State Department of Financial Services.
The Separate Account is divided into Divisions, each of which is treated as an individual accounting entity for financial reporting purposes. Each Division invests in shares of the corresponding portfolio, series or fund (with the same name) of registered investment management companies (the "Trusts"), which are presented below:
AB Variable Products Series Fund, Inc. ("AB VPS")
AIM Variable Insurance Funds (Invesco Variable Insurance Funds) ("Invesco V.I.")
American Funds Insurance Series®​ ("American Funds")
Brighthouse Funds Trust I ("BHFTI")
Brighthouse Funds Trust II ("BHFTII")
Fidelity®​ Variable Insurance Products ("Fidelity VIP")
Franklin Templeton Variable Insurance Products Trust ("FTVIPT")
Goldman Sachs Variable Insurance Trust ("Goldman Sachs")
Janus Aspen Series ("Janus Aspen")
MFS®​ Variable Insurance Trust ("MFS VIT")
MFS®​ Variable Insurance Trust II ("MFS VIT II")
Morgan Stanley Variable Insurance Fund, Inc. ("Morgan Stanley VIF")
PIMCO Variable Insurance Trust ("PIMCO VIT")
Pioneer Variable Contracts Trust ("Pioneer VCT")
Putnam Variable Trust ("Putnam VT")
Royce Capital Fund ("Royce")
The assets of each of the Divisions of the Separate Account are registered in the name of the Company. Under applicable insurance law, the assets and liabilities of the Separate Account are clearly identified and distinguished from the Company's other assets and liabilities. The portion of the Separate Account's assets applicable to the Policies cannot be used for liabilities arising out of any other business conducted by the Company.
UL-162
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
2. LIST OF DIVISIONS
A. Premium payments, less any applicable charges, applied to the Separate Account are invested in one or more Divisions in accordance with the selection made by the Policy owner. The following Divisions had net assets as of or during the year ended December 31, 2023:
AB VPS Sustainable Global Thematic Division
American Funds®​ American High-Income Trust Division
American Funds®​ Global Small Capitalization Division
American Funds®​ Growth Division
American Funds®​ Growth-Income Division
American Funds®​ International Division
American Funds®​ The Bond Fund of America Division
American Funds®​ U.S. Government Securities Division
BHFTI AB Global Dynamic Allocation Division
BHFTI American Funds®​ Balanced Allocation Division
BHFTI American Funds®​ Growth Allocation Division
BHFTI American Funds®​ Moderate Allocation Division
BHFTI BlackRock Global Tactical Strategies Division
BHFTI Brighthouse Asset Allocation 100 Division (a)
BHFTI Brighthouse Balanced Plus Division
BHFTI Brighthouse Small Cap Value Division
BHFTI Brighthouse/abrdn Emerging Markets Equity Division (a)
BHFTI Brighthouse/Templeton International Bond Division
BHFTI Brighthouse/Wellington Large Cap Research Division
BHFTI CBRE Global Real Estate Division
BHFTI Harris Oakmark International Division
BHFTI Invesco Balanced-Risk Allocation Division
BHFTI Invesco Global Equity Division
BHFTI Invesco Small Cap Growth Division (a)
BHFTI JPMorgan Global Active Allocation Division
BHFTI JPMorgan Small Cap Value Division
BHFTI Loomis Sayles Global Allocation Division
BHFTI Loomis Sayles Growth Division
BHFTI MetLife Multi-Index Targeted Risk Division
BHFTI MFS®​ Research International Division (a)
BHFTI Morgan Stanley Discovery Division
BHFTI PanAgora Global Diversified Risk Division
BHFTI PIMCO Inflation Protected Bond Division
BHFTI PIMCO Total Return Division
BHFTI Schroders Global Multi-Asset Division
BHFTI SSGA Growth and Income ETF Division
BHFTI SSGA Growth ETF Division
BHFTI T. Rowe Price Large Cap Value Division
BHFTI T. Rowe Price Mid Cap Growth Division (a)
BHFTI Victory Sycamore Mid Cap Value Division
BHFTII Baillie Gifford International Stock Division
BHFTII BlackRock Bond Income Division
BHFTII BlackRock Capital Appreciation Division
BHFTII BlackRock Ultra-Short Term Bond Division
BHFTII Brighthouse Asset Allocation 20 Division (a)
BHFTII Brighthouse Asset Allocation 40 Division (a)
BHFTII Brighthouse Asset Allocation 60 Division (a)
BHFTII Brighthouse Asset Allocation 80 Division
BHFTII Brighthouse/Artisan Mid Cap Value Division (a)
BHFTII Brighthouse/Wellington Balanced Division
BHFTII Brighthouse/Wellington Core Equity Opportunities Division
BHFTII Frontier Mid Cap Growth Division
BHFTII Jennison Growth Division
BHFTII Loomis Sayles Small Cap Core Division
BHFTII Loomis Sayles Small Cap Growth Division
BHFTII MetLife Aggregate Bond Index Division
BHFTII MetLife Mid Cap Stock Index Division
BHFTII MetLife MSCI EAFE®​ Index Division
BHFTII MetLife Russell 2000®​ Index Division
BHFTII MetLife Stock Index Division
BHFTII MFS®​ Total Return Division (a)
BHFTII MFS®​ Value Division
BHFTII Neuberger Berman Genesis Division
BHFTII T. Rowe Price Large Cap Growth Division
BHFTII T. Rowe Price Small Cap Growth Division
BHFTII Van Eck Global Natural Resources Division
BHFTII Western Asset Management Strategic Bond Opportunities Division
BHFTII Western Asset Management U.S. Government Division
Fidelity®​ VIP Asset Manager: Growth Division
Fidelity®​ VIP Contrafund®​ Division
Fidelity®​ VIP Equity-Income Division
Fidelity®​ VIP Freedom 2010 Division
Fidelity®​ VIP Freedom 2020 Division
Fidelity®​ VIP Freedom 2025 Division
Fidelity®​ VIP Freedom 2030 Division
Fidelity®​ VIP Freedom 2040 Division
Fidelity®​ VIP Freedom 2050 Division
Fidelity®​ VIP Government Money Market Division
Fidelity®​ VIP High Income Division
Fidelity®​ VIP Investment Grade Bond Division
Fidelity®​ VIP Mid Cap Division
FTVIPT Franklin Income VIP Division
FTVIPT Franklin Mutual Global Discovery VIP Division
UL-163
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
2. LIST OF DIVISIONS (Concluded)
FTVIPT Franklin Mutual Shares VIP Division
FTVIPT Templeton Foreign VIP Division
FTVIPT Templeton Global Bond VIP Division
Goldman Sachs Small Cap Equity Insights Division
Invesco V.I. Comstock Division
Invesco V.I. EQV International Equity Division
Janus Henderson Balanced Division
Janus Henderson Enterprise Division
Janus Henderson Forty Division
Janus Henderson Research Division
MFS®​ VIT Global Equity Division
MFS®​ VIT New Discovery Division
MFS®​ VIT II High Yield Division
Morgan Stanley VIF Emerging Markets Debt Division
Morgan Stanley VIF Emerging Markets Equity Division
PIMCO VIT All Asset Division
PIMCO VIT CommodityRealReturn®​ Strategy Division
PIMCO VIT Low Duration Division
Pioneer Mid Cap Value VCT
Royce Micro-Cap Division
Royce Small-Cap Division
(a) This Division invests in two or more share classes within the underlying portfolio, series or fund of the Trusts.
B. The following Divisions had no net assets as of December 31, 2023:
PIMCO VIT Long-Term U.S. Government Division
Putnam VT International Value Division
3. SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") applicable for variable life separate accounts registered as unit investment trusts, which follow the accounting and reporting guidance in Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 946, Investment Companies.
Security Transactions
Security transactions are recorded on a trade date basis. Realized gains and losses on the sales of investments are computed on the basis of the average cost of the investment sold. Income from dividends and realized gain distributions are recorded on the ex-distribution date.
Security Valuation
A Division's investment in shares of a portfolio, series or fund of the Trusts is valued at fair value based on the closing net asset value ("NAV"). All changes in fair value are recorded as changes in unrealized gains (losses) on investments in the statements of operations of the applicable Divisions. The Separate Account defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Each Division invests in shares of open-end mutual funds which calculate a daily NAV based on the fair value of the underlying securities in their portfolios. As a result, and as required by law, shares of open-end mutual funds are purchased and redeemed at their daily NAV as reported by the Trusts at the close of each business day.
ASC Topic 820, Fair Value Measurement ("ASC 820") provides that the Separate Account is not required to categorize within the fair value hierarchy all investments for which fair value is measured using the NAV per share practical expedient. Additionally, ASC 820 does not require certain disclosures for all investments that are eligible to be measured at fair value using the NAV per share practical expedient. The Separate Account's investments in shares of a portfolio, series or fund of the Trusts are using NAV as a practical expedient, therefore investments are not categorized within the ASC 820 fair value hierarchy.
UL-164
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
3. SIGNIFICANT ACCOUNTING POLICIES (Concluded)
Federal Income Taxes
The operations of the Separate Account form a part of the total operations of the Company and are not taxed separately. The Company is taxed as a life insurance company under the provisions of the Internal Revenue Code ("IRC"). Under the current provisions of the IRC, the Company does not expect to incur federal income taxes on the earnings of the Separate Account to the extent the earnings are credited under the Policies. Accordingly, no charge is currently being made to the Separate Account for federal income taxes. The Company will periodically review the status of this policy in the event of changes in the tax law. A charge may be made in future years for any federal income taxes that would be attributable to the Policies.
Premium Payments
The Company deducts a sales charge for certain Policies and a state premium tax charge from premiums before amounts are allocated to the Separate Account. In the case of certain Policies, the Company also deducts a federal income tax charge before amounts are allocated to the Separate Account. This federal income tax charge is imposed in connection with certain Policies to recover a portion of the federal income tax adjustment attributable to Policy acquisition expenses. Net premiums are reported as premium payments received from Policy owners on the statements of changes in net assets of the applicable Divisions and are credited as units.
Net Transfers
Assets transferred by the Policy owner into or out of Divisions within the Separate Account or into or out of the fixed account, which is part of the Company's general account, are recorded on a net basis as net transfers in the statements of changes in net assets of the applicable Divisions.
Use of Estimates
The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect amounts reported herein. Actual results could differ from these estimates.
4. EXPENSES & POLICY CHARGES
The following annual Separate Account charge paid to the Company is an asset-based charge and assessed through a daily reduction in unit values, which is recorded as an expense in the accompanying statements of operations of the applicable Divisions:
Mortality and Expense Risk The mortality risk assumed by the Company is the risk that those insured may die sooner than anticipated and therefore, the Company will pay an aggregate amount of death benefits greater than anticipated. The expense risk assumed is the risk that expenses incurred in issuing and administering the Policies will exceed the amounts realized from the administrative charges assessed against the Policies.
The table below represents the range of effective annual rates for the charge for the year ended December 31, 2023:
Mortality and Expense Risk |
0.00 |
% - 0.90% |
The above referenced charge may not necessarily correspond to the costs associated with providing the services or benefits indicated by the designation of the charge or associated with a particular Policy.
UL-165
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
4. EXPENSES & POLICY CHARGES (Concluded)
Separate Account charges referred to in this disclosure are for current charges of the Policies and can vary among products within the Separate Account. For some Policies, a mortality and expense risk charge ranging from 0.05% to 0.90% is assessed through the redemption of units on a monthly basis and recorded as Policy charges in the statements of changes in net assets of the applicable Divisions. Other Policy charges that are assessed through the redemption of units generally include: Cost of Insurance ("COI") charges, administrative charges, a Policy fee, transfer charges and charges for benefits provided by rider, if any. The COI charge is the primary charge under the Policy for the death benefit provided by the Company which may vary by Policy based on underwriting criteria. For certain Policies, an administrative charge ranging from 0.55% to 1.05% is assessed. Policy administrative charges range from $0 to $35 based on face amounts of Policies and are assessed monthly. A transfer fee of $25 may be deducted for each transfer made during the year. The Company is currently waiving the transfer fee, but reserves the right to impose such charges in the future. For certain Contracts, the Company reserves the right to assess a transaction charge on partial surrenders for the lesser of 2% of the amount withdrawn or $25. The Company did not impose this charge for the years reported.
For some Policies, a surrender charge is imposed if the Policy is partially or fully surrendered within the specified surrender charge period of $40.00 for every $1,000 of the Policy face amount or $156.99 for every $1,000 of the maximum surrender charge. Surrender charges for other Policies are equal to the lesser of the maximum surrender charge premium or the premiums actually paid in the first two Policy years. These charges are paid to the Company, assessed through redemption of units, and recorded as Policy charges in the accompanying statements of changes in net assets of the applicable Divisions for the years ended December 31, 2023, 2022 and 2021.
Most Policies offer optional benefits that can be added to the Policy by rider. The charge for riders that provide life insurance benefits can range from $0.01 to $83.33 per $1,000 of coverage. The charge for riders providing benefits of a disability wavier of monthly deductions in the event of disability can range from $0.00 to $61.44 per $100 of the benefit provided or $0.01 to $0.45 per $1,000 of benefit provided depending on the Policy. The charge for riders providing benefits of a disability wavier of premium benefit in the event of disability can range from $0.00 to $21.75 per $100 of the benefit provided depending on the Policy. These charges are paid to the Company and are recorded as Policy charges in the accompanying statements of changes in net assets of the applicable Divisions for the years ended December 31, 2023, 2022 and 2021.
UL-166
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
5. STATEMENTS OF INVESTMENTS
As of December 31 |
For the year ended December 31 |
||||||||||||||||||||||||||||||||||
Shares |
Cost ($) |
Cost of Purchases ($) |
Proceeds from Sales ($) |
||||||||||||||||||||||||||||||||
2023 |
2023 |
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||||||||
AB VPS Sustainable Global Thematic Division |
20,466 |
800,812 |
51,331 |
104,873 |
704,614 |
20,194 |
31,872 |
20,343 |
|||||||||||||||||||||||||||
American Funds®​ American High-Income Trust Division |
79,327 |
767,529 |
52,734 |
168,887 |
652,385 |
80,677 |
40,793 |
19,263 |
|||||||||||||||||||||||||||
American Funds®​ Global Small Capitalization Division |
4,187,239 |
83,097,632 |
2,317,930 |
27,428,714 |
4,640,192 |
4,679,054 |
3,394,783 |
6,896,856 |
|||||||||||||||||||||||||||
American Funds®​ Growth Division |
3,153,544 |
232,395,908 |
20,545,182 |
45,812,220 |
46,006,164 |
21,495,691 |
16,961,691 |
25,970,805 |
|||||||||||||||||||||||||||
American Funds®​ Growth-Income Division |
2,603,585 |
113,569,296 |
10,381,642 |
16,475,709 |
4,098,491 |
10,258,898 |
8,104,829 |
10,549,860 |
|||||||||||||||||||||||||||
American Funds®​ International Division |
106,400 |
2,119,558 |
33,023 |
333,250 |
165,452 |
138,632 |
166,434 |
94,844 |
|||||||||||||||||||||||||||
American Funds®​ The Bond Fund of America Division |
745,744 |
7,956,918 |
1,135,994 |
998,239 |
1,702,991 |
880,707 |
1,229,545 |
950,054 |
|||||||||||||||||||||||||||
American Funds®​ U.S. Government Securities Division |
5,710 |
68,589 |
3,326 |
3,482 |
6,299 |
1,926 |
1,883 |
1,719 |
|||||||||||||||||||||||||||
BHFTI AB Global Dynamic Allocation Division |
8,453 |
93,639 |
11,957 |
22,815 |
15,332 |
18,248 |
20,194 |
9,684 |
|||||||||||||||||||||||||||
BHFTI American Funds®​ Balanced Allocation Division |
201,841 |
1,966,271 |
237,391 |
332,985 |
483,440 |
85,640 |
42,479 |
309,012 |
|||||||||||||||||||||||||||
BHFTI American Funds®​ Growth Allocation Division |
365,136 |
3,349,934 |
490,344 |
571,639 |
620,905 |
329,416 |
94,203 |
192,299 |
|||||||||||||||||||||||||||
BHFTI American Funds®​ Moderate Allocation Division |
243,466 |
2,312,949 |
290,788 |
361,115 |
268,923 |
69,955 |
110,534 |
95,847 |
|||||||||||||||||||||||||||
BHFTI BlackRock Global Tactical Strategies Division |
32,629 |
320,489 |
35,487 |
83,241 |
110,675 |
40,873 |
282,874 |
173,880 |
|||||||||||||||||||||||||||
BHFTI Brighthouse Asset Allocation 100 Division |
3,032,922 |
34,142,243 |
6,439,270 |
4,319,069 |
7,640,042 |
2,423,389 |
3,961,260 |
3,656,026 |
|||||||||||||||||||||||||||
BHFTI Brighthouse Balanced Plus Division |
51,938 |
540,667 |
51,453 |
83,843 |
62,768 |
31,737 |
35,213 |
14,619 |
|||||||||||||||||||||||||||
BHFTI Brighthouse Small Cap Value Division |
96,460 |
1,370,425 |
118,498 |
253,988 |
37,511 |
20,828 |
48,288 |
17,403 |
|||||||||||||||||||||||||||
BHFTI Brighthouse/abrdn Emerging Markets Equity Division |
194,580 |
1,933,851 |
99,698 |
444,495 |
201,686 |
62,081 |
58,070 |
137,535 |
|||||||||||||||||||||||||||
BHFTI Brighthouse/ Templeton International Bond Division |
42,237 |
390,947 |
36,602 |
19,903 |
51,080 |
13,166 |
43,135 |
7,338 |
UL-167
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
5. STATEMENTS OF INVESTMENTS (Continued)
As of December 31 |
For the year ended December 31 |
||||||||||||||||||||||||||||||||||
Shares |
Cost ($) |
Cost of Purchases ($) |
Proceeds from Sales ($) |
||||||||||||||||||||||||||||||||
2023 |
2023 |
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||||||||
BHFTI Brighthouse/ Wellington Large Cap Research Division |
43,723,804 |
541,100,365 |
35,792,454 |
125,410,907 |
68,444,691 |
38,357,726 |
35,753,262 |
40,762,369 |
|||||||||||||||||||||||||||
BHFTI CBRE Global Real Estate Division |
2,609,167 |
29,362,626 |
1,821,813 |
5,014,511 |
2,258,393 |
1,447,564 |
1,627,954 |
3,504,734 |
|||||||||||||||||||||||||||
BHFTI Harris Oakmark International Division |
3,068,531 |
40,268,296 |
2,813,808 |
4,881,296 |
3,158,224 |
4,936,562 |
2,817,604 |
4,730,449 |
|||||||||||||||||||||||||||
BHFTI Invesco Balanced-Risk Allocation Division |
8,906 |
82,326 |
10,265 |
21,437 |
14,878 |
14,456 |
25,254 |
3,383 |
|||||||||||||||||||||||||||
BHFTI Invesco Global Equity Division |
2,853,383 |
54,071,357 |
5,179,706 |
10,779,255 |
7,184,443 |
4,913,161 |
4,239,081 |
8,079,612 |
|||||||||||||||||||||||||||
BHFTI Invesco Small Cap Growth Division |
1,079,714 |
13,129,760 |
329,964 |
3,625,279 |
4,983,255 |
1,005,225 |
959,526 |
2,202,346 |
|||||||||||||||||||||||||||
BHFTI JPMorgan Global Active Allocation Division |
17,664 |
197,442 |
20,373 |
44,368 |
39,414 |
19,830 |
49,714 |
15,070 |
|||||||||||||||||||||||||||
BHFTI JPMorgan Small Cap Value Division |
62,121 |
836,736 |
98,774 |
252,892 |
209,780 |
51,497 |
59,752 |
258,918 |
|||||||||||||||||||||||||||
BHFTI Loomis Sayles Global Allocation Division |
26,068 |
399,801 |
30,472 |
69,414 |
72,336 |
25,311 |
38,580 |
196,531 |
|||||||||||||||||||||||||||
BHFTI Loomis Sayles Growth Division |
3,869,804 |
48,634,428 |
6,198,319 |
5,156,265 |
2,620,020 |
5,451,346 |
2,862,903 |
4,566,438 |
|||||||||||||||||||||||||||
BHFTI MetLife Multi- Index Targeted Risk Division |
20,218 |
232,346 |
19,104 |
39,607 |
26,489 |
6,498 |
22,610 |
12,900 |
|||||||||||||||||||||||||||
BHFTI MFS®​ Research International Division |
1,681,518 |
19,345,027 |
1,308,673 |
2,625,319 |
2,385,503 |
3,321,198 |
1,074,807 |
2,440,344 |
|||||||||||||||||||||||||||
BHFTI Morgan Stanley Discovery Division |
57,325,606 |
688,180,844 |
4,494,786 |
151,579,760 |
378,084,973 |
17,604,744 |
22,357,179 |
62,148,405 |
|||||||||||||||||||||||||||
BHFTI PanAgora Global Diversified Risk Division |
30,055 |
235,145 |
32,751 |
225,123 |
514 |
11,153 |
6,370 |
149 |
|||||||||||||||||||||||||||
BHFTI PIMCO Inflation Protected Bond Division |
1,014,096 |
10,571,087 |
1,047,601 |
1,698,044 |
2,130,571 |
933,029 |
1,776,776 |
1,934,620 |
|||||||||||||||||||||||||||
BHFTI PIMCO Total Return Division |
4,833,049 |
55,700,836 |
5,289,656 |
2,234,075 |
9,318,014 |
3,416,123 |
3,711,067 |
3,267,750 |
|||||||||||||||||||||||||||
BHFTI Schroders Global Multi-Asset Division |
13,368 |
155,924 |
17,603 |
32,133 |
16,381 |
2,814 |
19,140 |
8,447 |
|||||||||||||||||||||||||||
BHFTI SSGA Growth and Income ETF Division |
842,370 |
9,253,618 |
507,065 |
1,920,021 |
1,289,034 |
759,824 |
962,458 |
963,987 |
|||||||||||||||||||||||||||
BHFTI SSGA Growth ETF Division |
858,781 |
9,308,692 |
1,259,236 |
2,257,177 |
1,210,570 |
1,681,635 |
651,995 |
618,465 |
|||||||||||||||||||||||||||
BHFTI T. Rowe Price Large Cap Value Division |
138,730 |
3,787,764 |
573,694 |
535,849 |
103,614 |
242,237 |
72,470 |
275,039 |
|||||||||||||||||||||||||||
BHFTI T. Rowe Price Mid Cap Growth Division |
5,059,863 |
50,018,144 |
3,103,337 |
8,916,459 |
7,258,118 |
3,542,771 |
3,748,231 |
5,376,782 |
UL-168
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
5. STATEMENTS OF INVESTMENTS (Continued)
As of December 31 |
For the year ended December 31 |
||||||||||||||||||||||||||||||||||
Shares |
Cost ($) |
Cost of Purchases ($) |
Proceeds from Sales ($) |
||||||||||||||||||||||||||||||||
2023 |
2023 |
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||||||||
BHFTI Victory Sycamore Mid Cap Value Division |
5,982,559 |
106,235,683 |
15,523,354 |
15,927,314 |
6,012,040 |
7,811,890 |
8,652,915 |
7,959,144 |
|||||||||||||||||||||||||||
BHFTII Baillie Gifford International Stock Division |
4,382,070 |
49,833,858 |
1,532,750 |
5,696,691 |
8,510,025 |
3,193,803 |
2,279,533 |
3,866,998 |
|||||||||||||||||||||||||||
BHFTII BlackRock Bond Income Division |
716,929 |
75,838,794 |
3,843,309 |
3,269,919 |
7,610,192 |
3,932,054 |
6,295,835 |
7,987,922 |
|||||||||||||||||||||||||||
BHFTII BlackRock Capital Appreciation Division |
696,014 |
24,522,226 |
3,588,067 |
6,802,512 |
5,691,636 |
2,781,998 |
1,610,054 |
2,669,348 |
|||||||||||||||||||||||||||
BHFTII BlackRock Ultra-Short Term Bond Division |
227,409 |
22,951,454 |
1,399,260 |
434,885 |
3,665,027 |
1,221,978 |
1,498,137 |
5,502,026 |
|||||||||||||||||||||||||||
BHFTII Brighthouse Asset Allocation 20 Division |
360,473 |
3,837,061 |
648,274 |
741,987 |
1,709,432 |
493,292 |
1,428,575 |
1,748,131 |
|||||||||||||||||||||||||||
BHFTII Brighthouse Asset Allocation 40 Division |
1,085,843 |
11,831,427 |
2,368,223 |
1,362,126 |
1,550,784 |
1,680,954 |
1,002,125 |
1,611,676 |
|||||||||||||||||||||||||||
BHFTII Brighthouse Asset Allocation 60 Division |
6,015,437 |
66,329,638 |
7,934,558 |
7,192,948 |
6,657,037 |
3,067,845 |
3,787,833 |
4,102,286 |
|||||||||||||||||||||||||||
BHFTII Brighthouse Asset Allocation 80 Division |
10,960,073 |
126,868,655 |
18,570,590 |
15,183,796 |
13,892,627 |
10,599,550 |
6,121,121 |
9,559,398 |
|||||||||||||||||||||||||||
BHFTII Brighthouse/ Artisan Mid Cap Value Division |
333,493 |
70,398,542 |
9,874,049 |
11,496,701 |
4,496,224 |
4,586,039 |
5,104,147 |
5,847,301 |
|||||||||||||||||||||||||||
BHFTII Brighthouse/ Wellington Balanced Division |
19,434,267 |
337,944,492 |
10,752,855 |
54,424,688 |
42,122,242 |
23,719,667 |
22,250,996 |
23,980,735 |
|||||||||||||||||||||||||||
BHFTII Brighthouse/ Wellington Core Equity Opportunities Division |
3,564,003 |
103,701,130 |
13,574,702 |
21,183,079 |
7,706,968 |
7,672,342 |
8,261,587 |
6,734,726 |
|||||||||||||||||||||||||||
BHFTII Frontier Mid Cap Growth Division |
11,396,977 |
311,703,994 |
826,371 |
83,603,122 |
50,221,499 |
19,034,999 |
16,101,097 |
24,813,018 |
|||||||||||||||||||||||||||
BHFTII Jennison Growth Division |
3,787,440 |
52,742,042 |
1,682,775 |
12,473,137 |
16,959,360 |
3,614,664 |
3,912,199 |
14,331,823 |
|||||||||||||||||||||||||||
BHFTII Loomis Sayles Small Cap Core Division |
124,357 |
28,416,340 |
1,715,003 |
5,442,867 |
2,613,477 |
2,222,148 |
1,953,888 |
2,491,215 |
|||||||||||||||||||||||||||
BHFTII Loomis Sayles Small Cap Growth Division |
1,339,117 |
15,728,201 |
290,250 |
3,525,216 |
2,599,270 |
799,043 |
1,442,514 |
2,207,438 |
|||||||||||||||||||||||||||
BHFTII MetLife Aggregate Bond Index Division |
15,588,597 |
166,967,881 |
21,182,615 |
8,053,521 |
27,603,506 |
11,659,501 |
14,190,322 |
8,911,130 |
|||||||||||||||||||||||||||
BHFTII MetLife Mid Cap Stock Index Division |
7,160,765 |
110,373,542 |
11,670,957 |
21,718,071 |
11,966,063 |
10,349,535 |
7,777,082 |
13,554,167 |
|||||||||||||||||||||||||||
BHFTII MetLife MSCI EAFE®​ Index Division |
7,402,075 |
91,560,716 |
9,209,129 |
12,459,982 |
9,691,782 |
14,466,636 |
6,969,174 |
6,870,248 |
UL-169
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
5. STATEMENTS OF INVESTMENTS (Continued)
As of December 31 |
For the year ended December 31 |
||||||||||||||||||||||||||||||||||
Shares |
Cost ($) |
Cost of Purchases ($) |
Proceeds from Sales ($) |
||||||||||||||||||||||||||||||||
2023 |
2023 |
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||||||||
BHFTII MetLife Russell 2000®​ Index Division |
5,224,697 |
85,173,972 |
6,157,521 |
18,743,753 |
12,306,245 |
6,268,773 |
5,998,629 |
10,119,230 |
|||||||||||||||||||||||||||
BHFTII MetLife Stock Index Division |
26,216,393 |
1,125,644,865 |
129,369,496 |
163,148,705 |
140,895,677 |
103,988,158 |
79,011,011 |
103,868,175 |
|||||||||||||||||||||||||||
BHFTII MFS®​ Total Return Division |
72,169 |
11,021,063 |
1,060,536 |
2,101,635 |
1,188,311 |
868,223 |
917,992 |
1,730,567 |
|||||||||||||||||||||||||||
BHFTII MFS®​ Value Division |
9,472,383 |
134,304,287 |
20,996,200 |
22,168,995 |
6,221,424 |
9,732,906 |
10,477,210 |
14,393,704 |
|||||||||||||||||||||||||||
BHFTII Neuberger Berman Genesis Division |
7,745,664 |
132,269,533 |
12,650,209 |
24,922,283 |
11,772,370 |
8,329,969 |
8,303,544 |
10,980,226 |
|||||||||||||||||||||||||||
BHFTII T. Rowe Price Large Cap Growth Division |
6,863,503 |
130,683,191 |
4,671,286 |
29,073,943 |
22,824,171 |
11,380,937 |
8,259,338 |
11,931,931 |
|||||||||||||||||||||||||||
BHFTII T. Rowe Price Small Cap Growth Division |
7,353,593 |
136,626,264 |
6,096,687 |
27,865,789 |
22,369,359 |
12,266,373 |
10,173,523 |
13,984,240 |
|||||||||||||||||||||||||||
BHFTII VanEck Global Natural Resources Division |
38,511 |
415,884 |
192,401 |
115,494 |
70,770 |
130,585 |
137,259 |
72,257 |
|||||||||||||||||||||||||||
BHFTII Western Asset Management Strategic Bond Opportunities Division |
4,232,196 |
53,240,518 |
4,941,777 |
3,907,892 |
5,171,620 |
3,381,376 |
3,820,221 |
5,180,403 |
|||||||||||||||||||||||||||
BHFTII Western Asset Management U.S. Government Division |
1,493,327 |
17,395,548 |
1,882,959 |
1,836,492 |
2,418,918 |
1,949,281 |
3,887,244 |
2,088,547 |
|||||||||||||||||||||||||||
Fidelity®​ VIP Asset Manager: Growth Division |
114,792 |
1,930,585 |
80,341 |
211,814 |
90,562 |
76,546 |
122,885 |
120,713 |
|||||||||||||||||||||||||||
Fidelity®​ VIP Contrafund®​ Division |
94,803 |
3,221,916 |
183,178 |
242,987 |
634,383 |
267,010 |
288,268 |
187,860 |
|||||||||||||||||||||||||||
Fidelity®​ VIP Equity- Income Division |
26,444 |
677,562 |
29,587 |
59,146 |
633,543 |
6,814 |
32,273 |
4,143 |
|||||||||||||||||||||||||||
Fidelity®​ VIP Freedom 2010 Division |
14,003 |
180,052 |
35,296 |
29,757 |
33,084 |
24,688 |
23,377 |
25,156 |
|||||||||||||||||||||||||||
Fidelity®​ VIP Freedom 2020 Division |
60,047 |
641,020 |
100,219 |
205,032 |
135,964 |
92,726 |
116,151 |
76,561 |
|||||||||||||||||||||||||||
Fidelity®​ VIP Freedom 2025 Division |
44,318 |
615,241 |
87,885 |
83,123 |
42,509 |
59,587 |
33,916 |
16,852 |
|||||||||||||||||||||||||||
Fidelity®​ VIP Freedom 2030 Division |
31,443 |
469,393 |
310,557 |
284,902 |
268,849 |
299,068 |
197,398 |
284,761 |
|||||||||||||||||||||||||||
Fidelity®​ VIP Freedom 2040 Division |
20,969 |
488,570 |
278,255 |
280,709 |
237,152 |
291,950 |
208,475 |
259,070 |
|||||||||||||||||||||||||||
Fidelity®​ VIP Freedom 2050 Division |
12,870 |
275,422 |
155,768 |
161,872 |
168,891 |
132,423 |
128,287 |
174,538 |
|||||||||||||||||||||||||||
Fidelity®​ VIP Government Money Market Division |
6,488,430 |
6,488,430 |
3,429,285 |
4,402,853 |
2,179,014 |
3,078,773 |
3,767,127 |
2,103,695 |
|||||||||||||||||||||||||||
Fidelity®​ VIP High Income Division |
3,816 |
20,100 |
1,408 |
2,488 |
15,001 |
579 |
409 |
482,355 |
|||||||||||||||||||||||||||
Fidelity®​ VIP Investment Grade Bond Division |
93,929 |
1,221,092 |
102,561 |
122,633 |
1,154,182 |
56,034 |
59,582 |
63,192 |
UL-170
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
5. STATEMENTS OF INVESTMENTS (Concluded)
As of December 31 |
For the year ended December 31 |
||||||||||||||||||||||||||||||||||
Shares |
Cost ($) |
Cost of Purchases ($) |
Proceeds from Sales ($) |
||||||||||||||||||||||||||||||||
2023 |
2023 |
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||||||||
Fidelity®​ VIP Mid Cap Division |
9,752 |
312,524 |
10,951 |
23,225 |
57,835 |
6,472 |
6,683 |
20,963 |
|||||||||||||||||||||||||||
FTVIPT Franklin Income VIP Division |
586 |
8,779 |
999 |
585 |
474 |
393 |
878 |
3,493 |
|||||||||||||||||||||||||||
FTVIPT Franklin Mutual Global Discovery VIP Division |
4,182 |
76,285 |
9,606 |
10,735 |
17,414 |
42,881 |
1,076 |
710,894 |
|||||||||||||||||||||||||||
FTVIPT Franklin Mutual Shares VIP Division |
5,386 |
89,407 |
43,514 |
12,495 |
4,683 |
47,895 |
9,628 |
8,716 |
|||||||||||||||||||||||||||
FTVIPT Templeton Foreign VIP Division |
440,539 |
6,115,364 |
1,083,298 |
352,047 |
328,283 |
938,608 |
223,815 |
146,198 |
|||||||||||||||||||||||||||
FTVIPT Templeton Global Bond VIP Division |
77,783 |
1,276,409 |
30,280 |
41,730 |
95,730 |
35,145 |
90,857 |
30,144 |
|||||||||||||||||||||||||||
Goldman Sachs Small Cap Equity Insights Division |
299 |
3,328 |
502 |
516 |
5,449 |
9,256 |
7,962 |
6,866 |
|||||||||||||||||||||||||||
Invesco V.I. Comstock Division |
7,128 |
126,926 |
66,300 |
4,029 |
16,826 |
13,997 |
2,127 |
851,627 |
|||||||||||||||||||||||||||
Invesco V.I. EQV International Equity Division |
12,334 |
412,469 |
20,130 |
78,858 |
67,638 |
36,797 |
57,206 |
22,386 |
|||||||||||||||||||||||||||
Janus Henderson Balanced Division |
33,426 |
1,071,616 |
30,436 |
66,198 |
26,034 |
146,049 |
39,916 |
37,016 |
|||||||||||||||||||||||||||
Janus Henderson Enterprise Division |
3,456 |
239,195 |
78,026 |
68,462 |
132,151 |
48,437 |
127,177 |
158,895 |
|||||||||||||||||||||||||||
Janus Henderson Forty Division |
17,078 |
705,256 |
4,286 |
103,966 |
96,176 |
12,230 |
11,460 |
12,049 |
|||||||||||||||||||||||||||
Janus Henderson Research Division |
14,927 |
441,730 |
829 |
95,356 |
31,907 |
4,647 |
4,266 |
4,725 |
|||||||||||||||||||||||||||
MFS®​ VIT Global Equity Division |
5,080 |
105,438 |
9,834 |
16,842 |
14,120 |
48,398 |
1,378 |
1,480 |
|||||||||||||||||||||||||||
MFS®​ VIT New Discovery Division |
2,289 |
32,817 |
|
8,576 |
6,270 |
1,363 |
1,783 |
1,941 |
|||||||||||||||||||||||||||
MFS®​ VIT II High Yield Division |
34,471 |
199,327 |
8,930 |
8,586 |
8,360 |
3,619 |
3,128 |
2,404 |
|||||||||||||||||||||||||||
Morgan Stanley VIF Emerging Markets Debt Division |
92,502 |
674,278 |
47,098 |
44,382 |
135,149 |
63,008 |
16,063 |
114,926 |
|||||||||||||||||||||||||||
Morgan Stanley VIF Emerging Markets Equity Division |
350,237 |
5,210,930 |
199,621 |
489,103 |
1,426,157 |
92,150 |
150,135 |
402,326 |
|||||||||||||||||||||||||||
PIMCO VIT All Asset Division |
3,013 |
31,489 |
1,228 |
4,631 |
3,663 |
706 |
579 |
531 |
|||||||||||||||||||||||||||
PIMCO VIT CommodityRealReturn®​ Strategy Division |
3,081 |
20,183 |
5,807 |
10,802 |
1,931 |
20,306 |
5,176 |
4,439 |
|||||||||||||||||||||||||||
PIMCO VIT Low Duration Division |
83,535 |
864,908 |
28,255 |
13,453 |
4,480 |
17,442 |
15,520 |
11,920 |
|||||||||||||||||||||||||||
Pioneer Mid Cap Value VCT Division |
1,937 |
26,419 |
3,082 |
8,440 |
799 |
149 |
114 |
112 |
|||||||||||||||||||||||||||
Royce Micro-Cap Division |
1,851 |
17,769 |
|
4,690 |
813 |
142 |
137 |
157 |
|||||||||||||||||||||||||||
Royce Small-Cap Division |
1,896 |
16,636 |
2,238 |
1,449 |
1,166 |
1,705 |
1,747 |
1,379 |
UL-171
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
6. SCHEDULES OF UNITS
For the years ended December 31, 2023, 2022 and 2021:
AB VPS Sustainable Global Thematic Division |
American Funds®​ American High-Income Trust Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
40,281 |
39,335 |
2,943 |
37,930 |
34,243 |
2,630 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
957 |
3,199 |
37,580 |
306 |
5,923 |
32,612 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(1,392 |
) |
(2,253 |
) |
(1,188 |
) |
(4,296 |
) |
(2,236 |
) |
(999 |
) |
|||||||||||||||
Units end of year |
39,846 |
40,281 |
39,335 |
33,940 |
37,930 |
34,243 |
|||||||||||||||||||||
American Funds®​ Growth-Income Division |
American Funds®​ International Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
746,782 |
784,312 |
835,146 |
39,783 |
42,197 |
41,938 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
38,605 |
796,557 |
39,288 |
661 |
1,555 |
2,293 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(86,278 |
) |
(834,087 |
) |
(90,122 |
) |
(3,407 |
) |
(3,969 |
) |
(2,034 |
) |
|||||||||||||||
Units end of year |
699,109 |
746,782 |
784,312 |
37,037 |
39,783 |
42,197 |
|||||||||||||||||||||
BHFTI AB Global Dynamic Allocation Division |
BHFTI American Funds®​ Balanced Allocation Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
5,328 |
5,843 |
5,884 |
66,330 |
64,025 |
60,418 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
585 |
693 |
473 |
2,971 |
4,081 |
15,969 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(1,146 |
) |
(1,208 |
) |
(514 |
) |
(3,448 |
) |
(1,776 |
) |
(12,362 |
) |
|||||||||||||||
Units end of year |
4,767 |
5,328 |
5,843 |
65,853 |
66,330 |
64,025 |
* Due to system limitations, the Units Outstanding for this fund were increased and accordingly the Unit Values decreased
during the year ended December 31, 2023. There was no impact to the net assets of the Division.
UL-172
American Funds®​ Global Small Capitalization Division |
American Funds®​ Growth Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
1,132,883 |
1,139,224 |
1,190,615 |
719,867 |
747,364 |
807,747 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
82,077 |
1,226,148 |
82,735 |
36,970 |
* |
682,339 |
37,582 |
||||||||||||||||||||
Units redeemed and transferred to other funding options |
(136,853 |
) |
(1,232,489 |
) |
(134,126 |
) |
(79,474 |
) |
(709,836 |
) |
(97,965 |
) |
|||||||||||||||
Units end of year |
1,078,107 |
1,132,883 |
1,139,224 |
677,363 |
719,867 |
747,364 |
|||||||||||||||||||||
American Funds®​ The Bond Fund of America Division |
American Funds®​ U.S. Government Securities Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
423,959 |
455,889 |
435,425 |
2,184 |
2,209 |
2,271 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
80,057 |
491,535 |
123,121 |
55 |
46 |
|
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(81,392 |
) |
(523,465 |
) |
(102,657 |
) |
(77 |
) |
(71 |
) |
(62 |
) |
|||||||||||||||
Units end of year |
422,624 |
423,959 |
455,889 |
2,162 |
2,184 |
2,209 |
|||||||||||||||||||||
BHFTI American Funds®​ Growth Allocation Division |
BHFTI American Funds®​ Moderate Allocation Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
108,585 |
108,861 |
97,971 |
84,899 |
84,150 |
81,015 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
4,443 |
3,379 |
17,472 |
5,522 |
5,981 |
7,181 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(11,914 |
) |
(3,655 |
) |
(6,582 |
) |
(3,144 |
) |
(5,232 |
) |
(4,046 |
) |
|||||||||||||||
Units end of year |
101,114 |
108,585 |
108,861 |
87,277 |
84,899 |
84,150 |
UL-173
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
6. SCHEDULES OF UNITS (Continued)
For the years ended December 31, 2023, 2022 and 2021:
BHFTI BlackRock Global Tactical Strategies Division |
BHFTI Brighthouse Asset Allocation 100 Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
17,997 |
33,114 |
38,507 |
836,110 |
908,927 |
880,792 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
1,624 |
3,000 |
4,160 |
60,936 |
722,417 |
152,544 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(2,506 |
) |
(18,117 |
) |
(9,553 |
) |
(94,193 |
) |
(795,234 |
) |
(124,409 |
) |
|||||||||||||||
Units end of year |
17,115 |
17,997 |
33,114 |
802,853 |
836,110 |
908,927 |
|||||||||||||||||||||
BHFTI Brighthouse/abrdn Emerging Markets Equity Division |
BHFTI Brighthouse/Templeton International Bond Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
95,390 |
87,255 |
83,457 |
23,371 |
25,173 |
21,919 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
5,268 |
11,478 |
8,724 |
2,895 |
1,571 |
3,794 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(3,803 |
) |
(3,343 |
) |
(4,926 |
) |
(1,058 |
) |
(3,373 |
) |
(540 |
) |
|||||||||||||||
Units end of year |
96,855 |
95,390 |
87,255 |
25,208 |
23,371 |
25,173 |
|||||||||||||||||||||
BHFTI Harris Oakmark International Division |
BHFTI Invesco Balanced-Risk Allocation Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
1,021,747 |
1,041,451 |
1,098,169 |
48,650 |
56,319 |
52,763 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
94,419 |
989,301 |
120,614 |
4,882 |
7,347 |
5,567 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(169,061 |
) |
(1,009,005 |
) |
(177,332 |
) |
(9,258 |
) |
(15,016 |
) |
(2,011 |
) |
|||||||||||||||
Units end of year |
947,105 |
1,021,747 |
1,041,451 |
44,274 |
48,650 |
56,319 |
* Due to system limitations, the Units Outstanding for this fund were increased and accordingly the Unit Values decreased
during the year ended December 31, 2023. There was no impact to the net assets of the Division.
UL-174
BHFTI Brighthouse Balanced Plus Division |
BHFTI Brighthouse Small Cap Value Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
22,742 |
22,982 |
22,076 |
29,307 |
29,676 |
29,467 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
2,079 |
1,598 |
1,568 |
95 |
808 |
617 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(1,708 |
) |
(1,838 |
) |
(662 |
) |
(498 |
) |
(1,177 |
) |
(408 |
) |
|||||||||||||||
Units end of year |
23,113 |
22,742 |
22,982 |
28,904 |
29,307 |
29,676 |
|||||||||||||||||||||
BHFTI Brighthouse/Wellington Large Cap Research Division |
BHFTI CBRE Global Real Estate Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
6,530,163 |
6,911,693 |
7,329,428 |
911,942 |
924,250 |
990,960 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
293,172 |
6,853,391 |
322,164 |
95,497 |
902,838 |
100,962 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(680,580 |
) |
(7,234,921 |
) |
(739,899 |
) |
(104,847 |
) |
(915,146 |
) |
(167,672 |
) |
|||||||||||||||
Units end of year |
6,142,755 |
6,530,163 |
6,911,693 |
902,592 |
911,942 |
924,250 |
|||||||||||||||||||||
BHFTI Invesco Global Equity Division |
BHFTI Invesco Small Cap Growth Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
1,066,494 |
1,098,505 |
1,152,521 |
173,232 |
176,409 |
170,045 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
70,838 |
966,092 |
98,265 |
13,849 |
185,316 |
46,212 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(130,902 |
) |
(998,103 |
) |
(152,281 |
) |
(26,910 |
) |
(188,493 |
) |
(39,848 |
) |
|||||||||||||||
Units end of year |
1,006,430 |
1,066,494 |
1,098,505 |
160,171 |
173,232 |
176,409 |
UL-175
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
6. SCHEDULES OF UNITS (Continued)
For the years ended December 31, 2023, 2022 and 2021:
BHFTI JPMorgan Global Active Allocation Division |
BHFTI JPMorgan Small Cap Value Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
98,827 |
116,936 |
110,963 |
17,017 |
17,916 |
19,793 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
9,984 |
9,093 |
13,947 |
961 |
625 |
4,589 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(11,665 |
) |
(27,202 |
) |
(7,974 |
) |
(1,323 |
) |
(1,524 |
) |
(6,466 |
) |
|||||||||||||||
Units end of year |
97,146 |
98,827 |
116,936 |
16,655 |
17,017 |
17,916 |
|||||||||||||||||||||
BHFTI MetLife Multi-Index Targeted Risk Division |
BHFTI MFS®​ Research International Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
1,120 |
1,161 |
1,152 |
759,529 |
771,897 |
810,239 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
91 |
104 |
78 |
44,511 |
514,563 |
64,984 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(40 |
) |
(145 |
) |
(69 |
) |
(141,763 |
) |
(526,931 |
) |
(103,326 |
) |
|||||||||||||||
Units end of year |
1,171 |
1,120 |
1,161 |
662,277 |
759,529 |
771,897 |
|||||||||||||||||||||
BHFTI PIMCO Inflation Protected Bond Division |
BHFTI PIMCO Total Return Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
521,939 |
564,224 |
564,791 |
2,194,741 |
2,325,136 |
2,127,098 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
73,015 |
541,288 |
139,342 |
299,970 |
1,527,194 |
416,353 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(78,827 |
) |
(583,573 |
) |
(139,909 |
) |
(250,697 |
) |
(1,657,589 |
) |
(218,315 |
) |
|||||||||||||||
Units end of year |
516,127 |
521,939 |
564,224 |
2,244,014 |
2,194,741 |
2,325,136 |
* Due to system limitations, the Units Outstanding for this fund were increased and accordingly the Unit Values decreased
during the year ended December 31, 2023. There was no impact to the net assets of the Division.
UL-176
BHFTI Loomis Sayles Global Allocation Division |
BHFTI Loomis Sayles Growth Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
10,345 |
10,832 |
15,397 |
1,435,807 |
1,490,938 |
1,591,359 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
460 |
624 |
623 |
150,683 |
1,391,029 |
80,239 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(691 |
) |
(1,111 |
) |
(5,188 |
) |
(213,403 |
) |
(1,446,160 |
) |
(180,660 |
) |
|||||||||||||||
Units end of year |
10,114 |
10,345 |
10,832 |
1,373,087 |
1,435,807 |
1,490,938 |
|||||||||||||||||||||
BHFTI Morgan Stanley Discovery Division |
BHFTI PanAgora Global Diversified Risk Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
6,944,567 |
7,148,412 |
7,603,605 |
130,761 |
726 |
548 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
567,922 |
7,414,200 |
375,051 |
15,575 |
135,254 |
270 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(849,604 |
) |
(7,618,045 |
) |
(830,244 |
) |
(9,254 |
) |
(5,219 |
) |
(92 |
) |
|||||||||||||||
Units end of year |
6,662,885 |
6,944,567 |
7,148,412 |
137,082 |
130,761 |
726 |
|||||||||||||||||||||
BHFTI Schroders Global Multi-Asset Division |
BHFTI SSGA Growth and Income ETF Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
78,799 |
77,519 |
73,514 |
326,748 |
351,544 |
361,641 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
9,433 |
12,884 |
8,776 |
21,838 |
252,540 |
34,624 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(1,740 |
) |
(11,604 |
) |
(4,771 |
) |
(39,206 |
) |
(277,336 |
) |
(44,721 |
) |
|||||||||||||||
Units end of year |
86,492 |
78,799 |
77,519 |
309,380 |
326,748 |
351,544 |
UL-177
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
6. SCHEDULES OF UNITS (Continued)
For the years ended December 31, 2023, 2022 and 2021:
BHFTI SSGA Growth ETF Division |
BHFTI T. Rowe Price Large Cap Value Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
326,825 |
330,986 |
333,024 |
105,297 |
106,511 |
114,061 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
30,966 |
202,577 |
26,020 |
87 |
950 |
893 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(68,511 |
) |
(206,738 |
) |
(28,058 |
) |
(7,001 |
) |
(2,164 |
) |
(8,443 |
) |
|||||||||||||||
Units end of year |
289,280 |
326,825 |
330,986 |
98,383 |
105,297 |
106,511 |
|||||||||||||||||||||
BHFTII Baillie Gifford International Stock Division |
BHFTII BlackRock Bond Income Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
1,906,504 |
1,934,614 |
1,983,009 |
2,201,543 |
2,364,397 |
2,497,234 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
166,226 |
1,911,336 |
174,638 |
216,313 |
2,135,944 |
296,903 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(253,479 |
) |
(1,939,446 |
) |
(223,033 |
) |
(273,182 |
) |
(2,298,798 |
) |
(429,740 |
) |
|||||||||||||||
Units end of year |
1,819,251 |
1,906,504 |
1,934,614 |
2,144,674 |
2,201,543 |
2,364,397 |
|||||||||||||||||||||
BHFTII Brighthouse Asset Allocation 20 Division |
BHFTII Brighthouse Asset Allocation 40 Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
161,003 |
205,170 |
215,846 |
354,693 |
373,672 |
405,649 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
37,820 |
204,996 |
91,261 |
80,952 |
365,498 |
48,465 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(39,608 |
) |
(249,163 |
) |
(101,937 |
) |
(87,484 |
) |
(384,477 |
) |
(80,442 |
) |
|||||||||||||||
Units end of year |
159,215 |
161,003 |
205,170 |
348,161 |
354,693 |
373,672 |
* Due to system limitations, the Units Outstanding for this fund were increased and accordingly the Unit Values decreased
during the year ended December 31, 2023. There was no impact to the net assets of the Division.
UL-178
BHFTI T. Rowe Price Mid Cap Growth Division |
BHFTI Victory Sycamore Mid Cap Value Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
994,708 |
1,050,561 |
1,107,534 |
1,596,435 |
1,711,609 |
1,808,639 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
61,246 |
1,014,736 |
93,467 |
93,160 |
1,662,951 |
119,226 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(116,593 |
) |
(1,070,589 |
) |
(150,440 |
) |
(179,897 |
) |
(1,778,125 |
) |
(216,256 |
) |
|||||||||||||||
Units end of year |
939,361 |
994,708 |
1,050,561 |
1,509,698 |
1,596,435 |
1,711,609 |
|||||||||||||||||||||
BHFTII BlackRock Capital Appreciation Division |
BHFTII BlackRock Ultra-Short Term Bond Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
339,528 |
343,846 |
345,252 |
1,204,900 |
1,262,019 |
1,362,096 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
69,203 |
370,128 |
53,823 |
74,151 |
223,579 |
218,727 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(61,833 |
) |
(374,446 |
) |
(55,229 |
) |
(83,170 |
) |
(280,698 |
) |
(318,804 |
) |
|||||||||||||||
Units end of year |
346,898 |
339,528 |
343,846 |
1,195,881 |
1,204,900 |
1,262,019 |
|||||||||||||||||||||
BHFTII Brighthouse Asset Allocation 60 Division |
BHFTII Brighthouse Asset Allocation 80 Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
2,030,106 |
2,114,011 |
2,185,612 |
3,616,566 |
3,736,533 |
3,924,463 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
145,821 |
1,943,325 |
161,302 |
205,116 |
3,479,455 |
237,490 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(200,062 |
) |
(2,027,230 |
) |
(232,903 |
) |
(475,479 |
) |
(3,599,422 |
) |
(425,420 |
) |
|||||||||||||||
Units end of year |
1,975,865 |
2,030,106 |
2,114,011 |
3,346,203 |
3,616,566 |
3,736,533 |
UL-179
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
6. SCHEDULES OF UNITS (Continued)
For the years ended December 31, 2023, 2022 and 2021:
BHFTII Brighthouse/Artisan Mid Cap Value Division |
BHFTII Brighthouse/Wellington Balanced Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
112,226 |
119,694 |
129,202 |
5,459,333 |
5,757,787 |
6,068,802 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
6,520 |
107,052 |
10,261 |
326,408 |
5,701,231 |
336,269 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(12,629 |
) |
(114,520 |
) |
(19,769 |
) |
(647,595 |
) |
(5,999,685 |
) |
(647,284 |
) |
|||||||||||||||
Units end of year |
106,117 |
112,226 |
119,694 |
5,138,146 |
5,459,333 |
5,757,787 |
|||||||||||||||||||||
BHFTII Jennison Growth Division |
BHFTII Loomis Sayles Small Cap Core Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
695,016 |
723,294 |
973,705 |
262,812 |
278,921 |
294,826 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
53,323 |
728,556 |
119,062 |
13,068 |
* |
258,067 |
17,396 |
||||||||||||||||||||
Units redeemed and transferred to other funding options |
(82,522 |
) |
(756,834 |
) |
(369,473 |
) |
(29,866 |
) |
(274,176 |
) |
(33,301 |
) |
|||||||||||||||
Units end of year |
665,817 |
695,016 |
723,294 |
246,014 |
262,812 |
278,921 |
|||||||||||||||||||||
BHFTII MetLife Mid Cap Stock Index Division |
BHFTII MetLife MSCI EAFE®​ Index Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
1,755,165 |
1,847,012 |
1,980,000 |
4,490,291 |
4,501,021 |
4,476,776 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
123,378 |
1,631,812 |
162,884 |
461,454 |
3,884,927 |
521,843 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(234,355 |
) |
(1,723,659 |
) |
(295,872 |
) |
(800,103 |
) |
(3,895,657 |
) |
(497,598 |
) |
|||||||||||||||
Units end of year |
1,644,188 |
1,755,165 |
1,847,012 |
4,151,642 |
4,490,291 |
4,501,021 |
* Due to system limitations, the Units Outstanding for this fund were increased and accordingly the Unit Values decreased
during the year ended December 31, 2023. There was no impact to the net assets of the Division.
UL-180
BHFTII Brighthouse/Wellington Core Equity Opportunities Division |
BHFTII Frontier Mid Cap Growth Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
768,457 |
822,193 |
867,728 |
4,309,631 |
4,503,522 |
4,763,313 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
45,368 |
768,447 |
44,349 |
205,867 |
4,544,468 |
187,447 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(89,049 |
) |
(822,183 |
) |
(89,884 |
) |
(456,431 |
) |
(4,738,359 |
) |
(447,238 |
) |
|||||||||||||||
Units end of year |
724,776 |
768,457 |
822,193 |
4,059,067 |
4,309,631 |
4,503,522 |
|||||||||||||||||||||
BHFTII Loomis Sayles Small Cap Growth Division |
BHFTII MetLife Aggregate Bond Index Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
311,640 |
333,987 |
357,529 |
5,940,962 |
6,374,351 |
5,813,302 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
18,839 |
327,108 |
31,255 |
1,044,084 |
4,533,630 |
1,217,746 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(30,065 |
) |
(349,455 |
) |
(54,797 |
) |
(811,418 |
) |
(4,967,019 |
) |
(656,697 |
) |
|||||||||||||||
Units end of year |
300,414 |
311,640 |
333,987 |
6,173,628 |
5,940,962 |
6,374,351 |
|||||||||||||||||||||
BHFTII MetLife Russell 2000®​ Index Division |
BHFTII MetLife Stock Index Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
1,523,348 |
1,584,616 |
1,645,359 |
21,104,569 |
21,988,293 |
23,153,775 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
146,380 |
1,443,223 |
178,395 |
916,742 |
13,951,534 |
1,112,061 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(194,096 |
) |
(1,504,491 |
) |
(239,138 |
) |
(2,141,570 |
) |
(14,835,258 |
) |
(2,277,543 |
) |
|||||||||||||||
Units end of year |
1,475,632 |
1,523,348 |
1,584,616 |
19,879,741 |
21,104,569 |
21,988,293 |
UL-181
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
6. SCHEDULES OF UNITS (Continued)
For the years ended December 31, 2023, 2022 and 2021:
BHFTII MFS®​ Total Return Division |
BHFTII MFS®​ Value Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
324,989 |
328,139 |
370,848 |
2,785,286 |
2,983,303 |
3,223,534 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
19,936 |
301,256 |
87,154 |
204,596 |
2,822,303 |
228,887 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(39,264 |
) |
(304,406 |
) |
(129,863 |
) |
(336,184 |
) |
(3,020,320 |
) |
(469,118 |
) |
|||||||||||||||
Units end of year |
305,661 |
324,989 |
328,139 |
2,653,698 |
2,785,286 |
2,983,303 |
|||||||||||||||||||||
BHFTII T. Rowe Price Small Cap Growth Division |
BHFTII VanEck Global Natural Resources Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
1,797,146 |
1,894,093 |
1,994,254 |
2,286 |
2,398 |
2,444 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
116,311 |
1,723,606 |
128,903 |
1,022 |
565 |
401 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(231,917 |
) |
(1,820,553 |
) |
(229,064 |
) |
(724 |
) |
(677 |
) |
(447 |
) |
|||||||||||||||
Units end of year |
1,681,540 |
1,797,146 |
1,894,093 |
2,584 |
2,286 |
2,398 |
|||||||||||||||||||||
Fidelity®​ VIP Asset Manager: Growth Division |
Fidelity®​ VIP Contrafund®​ Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
90,405 |
94,576 |
98,498 |
71,544 |
75,799 |
78,321 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
1,790 |
1,148 |
906 |
450 |
706 |
738 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(3,236 |
) |
(5,319 |
) |
(4,828 |
) |
(4,625 |
) |
(4,961 |
) |
(3,260 |
) |
|||||||||||||||
Units end of year |
88,959 |
90,405 |
94,576 |
67,369 |
71,544 |
75,799 |
* Due to system limitations, the Units Outstanding for this fund were increased and accordingly the Unit Values decreased
during the year ended December 31, 2023. There was no impact to the net assets of the Division.
UL-182
BHFTII Neuberger Berman Genesis Division |
BHFTII T. Rowe Price Large Cap Growth Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
2,136,656 |
2,249,576 |
2,384,020 |
2,094,521 |
2,175,059 |
2,266,675 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
109,804 |
2,284,042 |
120,328 |
169,081 |
2,122,501 |
163,074 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(225,844 |
) |
(2,396,962 |
) |
(254,772 |
) |
(277,586 |
) |
(2,203,039 |
) |
(254,690 |
) |
|||||||||||||||
Units end of year |
2,020,616 |
2,136,656 |
2,249,576 |
1,986,016 |
2,094,521 |
2,175,059 |
|||||||||||||||||||||
BHFTII Western Asset Management Strategic Bond Opportunities Division |
BHFTII Western Asset Management U.S. Government Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
1,413,577 |
1,517,593 |
1,547,262 |
808,864 |
904,209 |
913,585 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
173,738 |
1,424,078 |
210,370 |
141,813 |
913,711 |
150,441 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(226,219 |
) |
(1,528,094 |
) |
(240,039 |
) |
(162,099 |
) |
(1,009,056 |
) |
(159,817 |
) |
|||||||||||||||
Units end of year |
1,361,096 |
1,413,577 |
1,517,593 |
788,578 |
808,864 |
904,209 |
|||||||||||||||||||||
Fidelity®​ VIP Equity-Income Division |
Fidelity®​ VIP Freedom 2010 Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
15,867 |
15,981 |
63 |
7,961 |
8,282 |
8,277 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
|
780 |
16,028 |
2,094 |
1,931 |
2,155 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(177 |
) |
(894 |
) |
(110 |
) |
(2,388 |
) |
(2,252 |
) |
(2,150 |
) |
|||||||||||||||
Units end of year |
15,690 |
15,867 |
15,981 |
7,667 |
7,961 |
8,282 |
UL-183
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
6. SCHEDULES OF UNITS (Continued)
For the years ended December 31, 2023, 2022 and 2021:
Fidelity®​ VIP Freedom 2020 Division |
Fidelity®​ VIP Freedom 2025 Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
26,859 |
26,866 |
26,351 |
19,371 |
19,556 |
19,701 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
6,661 |
9,470 |
7,646 |
2,261 |
1,003 |
550 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(7,532 |
) |
(9,477 |
) |
(7,131 |
) |
(1,928 |
) |
(1,188 |
) |
(695 |
) |
|||||||||||||||
Units end of year |
25,988 |
26,859 |
26,866 |
19,704 |
19,371 |
19,556 |
|||||||||||||||||||||
Fidelity®​ VIP Freedom 2050 Division |
Fidelity®​ VIP Government Money Market Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
8,267 |
7,764 |
8,217 |
329,555 |
299,668 |
295,595 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
12,327 |
11,434 |
10,389 |
163,802 |
236,598 |
122,630 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(11,839 |
) |
(10,931 |
) |
(10,842 |
) |
(161,233 |
) |
(206,711 |
) |
(118,557 |
) |
|||||||||||||||
Units end of year |
8,755 |
8,267 |
7,764 |
332,124 |
329,555 |
299,668 |
|||||||||||||||||||||
Fidelity®​ VIP Mid Cap Division |
FTVIPT Franklin Income VIP Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
4,224 |
4,302 |
4,575 |
62 |
69 |
97 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
46 |
49 |
37 |
1 |
|
|
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(125 |
) |
(127 |
) |
(310 |
) |
(3 |
) |
(7 |
) |
(28 |
) |
|||||||||||||||
Units end of year |
4,145 |
4,224 |
4,302 |
60 |
62 |
69 |
* Due to system limitations, the Units Outstanding for this fund were increased and accordingly the Unit Values decreased
during the year ended December 31, 2023. There was no impact to the net assets of the Division.
UL-184
Fidelity®​ VIP Freedom 2030 Division |
Fidelity®​ VIP Freedom 2040 Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
19,034 |
16,595 |
18,016 |
16,792 |
15,661 |
17,068 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
35,469 |
32,316 |
26,411 |
29,144 |
27,246 |
21,560 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(35,593 |
) |
(29,877 |
) |
(27,832 |
) |
(30,130 |
) |
(26,115 |
) |
(22,967 |
) |
|||||||||||||||
Units end of year |
18,910 |
19,034 |
16,595 |
15,806 |
16,792 |
15,661 |
|||||||||||||||||||||
Fidelity®​ VIP High Income Division |
Fidelity®​ VIP Investment Grade Bond Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
648 |
600 |
18,065 |
52,411 |
52,887 |
2,069 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
18 |
68 |
386 |
4,080 |
3,526 |
53,840 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(23 |
) |
(20 |
) |
(17,851 |
) |
(2,989 |
) |
(4,002 |
) |
(3,022 |
) |
|||||||||||||||
Units end of year |
643 |
648 |
600 |
53,502 |
52,411 |
52,887 |
|||||||||||||||||||||
FTVIPT Franklin Mutual Global Discovery VIP Division |
FTVIPT Franklin Mutual Shares VIP Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
2,647 |
2,654 |
21,114 |
157 |
172 |
184 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
22 |
27 |
412 |
64 |
2 |
4 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(976 |
) |
(34 |
) |
(18,872 |
) |
(86 |
) |
(17 |
) |
(16 |
) |
|||||||||||||||
Units end of year |
1,693 |
2,647 |
2,654 |
135 |
157 |
172 |
UL-185
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
6. SCHEDULES OF UNITS (Continued)
For the years ended December 31, 2023, 2022 and 2021:
FTVIPT Templeton Foreign VIP Division |
FTVIPT Templeton Global Bond VIP Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
257,323 |
259,626 |
256,921 |
45,539 |
47,612 |
44,906 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
38,509 |
8,413 |
9,681 |
1,359 |
2,044 |
4,021 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(41,750 |
) |
(10,716 |
) |
(6,976 |
) |
(1,577 |
) |
(4,117 |
) |
(1,315 |
) |
|||||||||||||||
Units end of year |
254,082 |
257,323 |
259,626 |
45,321 |
45,539 |
47,612 |
|||||||||||||||||||||
Invesco V.I. EQV International Equity Division |
Janus Henderson Balanced Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
11,679 |
12,554 |
12,399 |
37,368 |
38,249 |
39,040 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
562 |
838 |
750 |
58 |
51 |
34 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(1,054 |
) |
(1,713 |
) |
(595 |
) |
(3,246 |
) |
(932 |
) |
(825 |
) |
|||||||||||||||
Units end of year |
11,187 |
11,679 |
12,554 |
34,180 |
37,368 |
38,249 |
|||||||||||||||||||||
Janus Henderson Research Division |
MFS®​ VIT Global Equity Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
13,549 |
13,656 |
13,761 |
3,328 |
3,295 |
3,248 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
|
|
|
62 |
72 |
82 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(109 |
) |
(107 |
) |
(105 |
) |
(1,077 |
) |
(39 |
) |
(35 |
) |
|||||||||||||||
Units end of year |
13,440 |
13,549 |
13,656 |
2,313 |
3,328 |
3,295 |
* Due to system limitations, the Units Outstanding for this fund were increased and accordingly the Unit Values decreased
during the year ended December 31, 2023. There was no impact to the net assets of the Division.
UL-186
Goldman Sachs Small Cap Equity Insights Division |
Invesco V.I. Comstock Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
324 |
528 |
684 |
2,578 |
2,640 |
29,639 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
13 |
10 |
12 |
1,377 |
|
524 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(249 |
) |
(214 |
) |
(168 |
) |
(391 |
) |
(62 |
) |
(27,523 |
) |
|||||||||||||||
Units end of year |
88 |
324 |
528 |
3,564 |
2,578 |
2,640 |
|||||||||||||||||||||
Janus Henderson Enterprise Division |
Janus Henderson Forty Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
4,125 |
6,257 |
7,377 |
8,333 |
8,449 |
8,558 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
1,237 |
506 |
2,271 |
49 |
47 |
34 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(955 |
) |
(2,638 |
) |
(3,391 |
) |
(163 |
) |
(163 |
) |
(143 |
) |
|||||||||||||||
Units end of year |
4,407 |
4,125 |
6,257 |
8,219 |
8,333 |
8,449 |
|||||||||||||||||||||
MFS®​ VIT New Discovery Division |
MFS®​ VIT II High Yield Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
456 |
490 |
518 |
6,622 |
6,753 |
6,846 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
|
|
|
|
|
|
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(27 |
) |
(34 |
) |
(28 |
) |
(148 |
) |
(131 |
) |
(93 |
) |
|||||||||||||||
Units end of year |
429 |
456 |
490 |
6,474 |
6,622 |
6,753 |
UL-187
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
6. SCHEDULES OF UNITS (Concluded)
For the years ended December 31, 2023, 2022 and 2021:
Morgan Stanley VIF Emerging Markets Debt Division |
Morgan Stanley VIF Emerging Markets Equity Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
14,228 |
14,560 |
14,886 |
257,698 |
265,836 |
219,797 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
57 |
309 |
2,350 |
3,335 |
3,140 |
65,507 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(1,649 |
) |
(641 |
) |
(2,676 |
) |
(5,659 |
) |
(11,278 |
) |
(19,468 |
) |
|||||||||||||||
Units end of year |
12,636 |
14,228 |
14,560 |
255,374 |
257,698 |
265,836 |
|||||||||||||||||||||
PIMCO VIT Low Duration Division |
Pioneer Mid Cap Value VCT Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
60,136 |
61,311 |
62,169 |
171 |
168 |
163 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
|
|
|
4 |
5 |
6 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(1,322 |
) |
(1,175 |
) |
(858 |
) |
(2 |
) |
(2 |
) |
(1 |
) |
|||||||||||||||
Units end of year |
58,814 |
60,136 |
61,311 |
173 |
171 |
168 |
* Due to system limitations, the Units Outstanding for this fund were increased and accordingly the Unit Values decreased
during the year ended December 31, 2023. There was no impact to the net assets of the Division.
UL-188
PIMCO VIT All Asset Division |
PIMCO VIT CommodityRealReturn®​ Strategy Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
1,447 |
1,456 |
1,453 |
3,302 |
3,598 |
4,019 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
25 |
28 |
34 |
60 |
142 |
60 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(39 |
) |
(37 |
) |
(31 |
) |
(1,883 |
) |
(438 |
) |
(481 |
) |
|||||||||||||||
Units end of year |
1,433 |
1,447 |
1,456 |
1,479 |
3,302 |
3,598 |
|||||||||||||||||||||
Royce Micro-Cap Division |
Royce Small-Cap Division |
||||||||||||||||||||||||||
2023 |
2022 |
2021 |
2023 |
2022 |
2021 |
||||||||||||||||||||||
Units beginning of year |
482 |
486 |
491 |
512 |
534 |
549 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
|
|
|
35 |
41 |
33 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(5 |
) |
(4 |
) |
(5 |
) |
(68 |
) |
(63 |
) |
(48 |
) |
|||||||||||||||
Units end of year |
477 |
482 |
486 |
479 |
512 |
534 |
UL-189
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
7. FINANCIAL HIGHLIGHTS
The Company sells a number of variable life products which have unique combinations of features and fees, some of which directly affect the unit values of the Divisions. Differences in the fee structures result in a variety of unit values, expense ratios, and total returns.
The following table is a summary of unit values and units outstanding for the Policies, net assets, net investment income ratios, expense ratios, excluding expenses for the underlying fund, portfolio or series, and total return ratios for the five years ended December 31, 2023:
As of December 31 |
For the year ended December 31 |
||||||||||||||||||||||||||||||
Units |
Unit Value |
Net |
Investment1​ |
Expense Ratio2​ |
Total Return3​ |
||||||||||||||||||||||||||
AB VPS Sustainable Global |
2023 |
39,846 |
15.95 |
635,460 |
0.03 |
0.00 |
15.70 |
||||||||||||||||||||||||
Thematic Division |
2022 |
40,281 |
13.78 |
555,208 |
|
0.00 |
(27.17) |
||||||||||||||||||||||||
2021 |
39,335 |
18.92 |
744,416 |
|
0.00 |
22.57 |
|||||||||||||||||||||||||
2020 |
2,943 |
15.44 |
45,437 |
0.46 |
0.00 |
39.08 |
|||||||||||||||||||||||||
2019 |
2,852 |
11.10 |
31,660 |
0.17 |
0.00 |
29.78 |
|||||||||||||||||||||||||
American Funds®​ American |
2023 |
33,940 |
20.40 |
692,523 |
7.14 |
0.00 |
12.45 |
||||||||||||||||||||||||
High-Income Trust Division |
2022 |
37,930 |
18.15 |
688,237 |
7.95 |
0.00 |
(9.26) |
||||||||||||||||||||||||
2021 |
34,243 |
20.00 |
684,784 |
5.72 |
0.00 |
8.42 |
|||||||||||||||||||||||||
2020 |
2,630 |
18.44 |
48,516 |
9.42 |
0.00 |
7.94 |
|||||||||||||||||||||||||
2019 |
1,992 |
17.09 |
34,035 |
7.35 |
0.00 |
12.55 |
|||||||||||||||||||||||||
American Funds®​ Global |
2023 |
1,078,107 |
56.67 - 79.87 |
73,276,691 |
0.26 |
0.00 - 0.90 |
15.13 - 16.17 |
||||||||||||||||||||||||
Small Capitalization Division |
2022 |
1,132,883 |
49.22 - 68.75 |
66,296,749 |
|
0.00 - 0.90 |
(30.18) - (29.55) |
||||||||||||||||||||||||
2021 |
1,139,224 |
70.50 - 97.59 |
94,694,126 |
|
0.00 - 0.90 |
5.78 - 6.74 |
|||||||||||||||||||||||||
2020 |
1,190,615 |
66.65 - 91.43 |
92,801,053 |
0.17 |
0.00 - 0.90 |
28.56 - 29.72 |
|||||||||||||||||||||||||
2019 |
1,280,303 |
51.84 - 70.48 |
77,030,169 |
0.16 |
0.00 - 0.90 |
30.34 - 31.52 |
|||||||||||||||||||||||||
American Funds®​ Growth |
2023 |
677,363 |
117.44 - 522.31 |
309,678,363 |
0.36 |
0.00 - 0.90 |
37.25 - 38.48 |
||||||||||||||||||||||||
Division4​ |
2022 |
719,867 |
84.81 - 377.17 |
238,202,123 |
0.32 |
0.00 - 0.90 |
(30.56) - (29.94) |
||||||||||||||||||||||||
2021 |
747,364 |
121.05 - 538.33 |
354,325,909 |
0.22 |
0.00 - 0.90 |
20.90 - 21.99 |
|||||||||||||||||||||||||
2020 |
807,747 |
99.23 - 441.30 |
311,444,357 |
0.32 |
0.00 - 0.90 |
50.71 - 52.08 |
|||||||||||||||||||||||||
2019 |
771,615 |
65.25 - 713.73 |
223,225,743 |
0.75 |
0.00 - 0.90 |
29.60 - 30.77 |
|||||||||||||||||||||||||
American Funds®​ |
2023 |
699,109 |
177.06 - 661.18 |
151,789,123 |
1.38 |
0.00 - 0.90 |
25.01 - 26.14 |
||||||||||||||||||||||||
Growth-Income Division |
2022 |
746,782 |
141.63 - 524.18 |
128,565,458 |
1.28 |
0.00 - 0.90 |
(17.24) - (16.49) |
||||||||||||||||||||||||
2021 |
784,312 |
171.14 - 627.71 |
161,880,006 |
1.13 |
0.00 - 0.90 |
22.98 - 24.10 |
|||||||||||||||||||||||||
2020 |
835,146 |
139.15 - 505.83 |
138,973,519 |
1.37 |
0.00 - 0.90 |
12.53 - 13.55 |
|||||||||||||||||||||||||
2019 |
883,644 |
123.66 - 445.48 |
129,723,950 |
1.67 |
0.00 - 0.90 |
25.01 - 26.14 |
|||||||||||||||||||||||||
American Funds®​ |
2023 |
37,037 |
50.02 |
1,852,432 |
1.31 |
0.00 |
15.84 |
||||||||||||||||||||||||
International Division |
2022 |
39,783 |
43.18 |
1,717,653 |
1.74 |
0.00 |
(20.79) |
||||||||||||||||||||||||
2021 |
42,197 |
54.50 |
2,299,903 |
2.44 |
0.00 |
(1.50) |
|||||||||||||||||||||||||
2020 |
41,938 |
55.33 |
2,320,506 |
0.67 |
0.00 |
13.97 |
|||||||||||||||||||||||||
2019 |
43,385 |
48.55 |
2,106,276 |
1.46 |
0.00 |
22.88 |
|||||||||||||||||||||||||
American Funds®​ The Bond |
2023 |
422,624 |
13.64 - 26.88 |
7,009,998 |
3.49 |
0.00 - 0.90 |
4.08 - 5.02 |
||||||||||||||||||||||||
Fund of America Division |
2022 |
423,959 |
13.10 - 25.60 |
6,661,813 |
2.87 |
0.00 - 0.90 |
(13.36) - (12.58) |
||||||||||||||||||||||||
2021 |
455,889 |
15.12 - 29.28 |
8,205,563 |
1.45 |
0.00 - 0.90 |
(1.20) - (0.31) |
|||||||||||||||||||||||||
2020 |
435,425 |
15.31 - 29.37 |
7,903,513 |
2.12 |
0.00 - 0.90 |
8.75 - 9.73 |
|||||||||||||||||||||||||
2019 |
414,967 |
14.07 - 26.77 |
6,856,016 |
2.68 |
0.00 - 0.90 |
8.38 - 9.36 |
UL-190
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
7. FINANCIAL HIGHLIGHTS (Continued)
As of December 31 |
For the year ended December 31 |
||||||||||||||||||||||||||||||
Units |
Unit Value |
Net |
Investment1​ |
Expense Ratio2​ |
Total Return3​ |
||||||||||||||||||||||||||
American Funds®​ U.S. |
2023 |
2,162 |
25.84 |
55,846 |
3.75 |
0.00 |
2.89 |
||||||||||||||||||||||||
Government Securities |
2022 |
2,184 |
25.11 |
54,849 |
3.75 |
0.00 |
(10.95) |
||||||||||||||||||||||||
Division |
2021 |
2,209 |
28.20 |
62,304 |
1.29 |
0.00 |
(0.62) |
||||||||||||||||||||||||
2020 |
2,271 |
28.37 |
64,431 |
1.84 |
0.00 |
9.80 |
|||||||||||||||||||||||||
2019 |
2,299 |
25.84 |
59,401 |
2.05 |
0.00 |
5.32 |
|||||||||||||||||||||||||
BHFTI AB Global Dynamic |
2023 |
4,767 |
17.29 |
82,416 |
2.96 |
0.00 |
11.64 |
||||||||||||||||||||||||
Allocation Division |
2022 |
5,328 |
15.49 |
82,503 |
4.35 |
0.00 |
(20.43) |
||||||||||||||||||||||||
2021 |
5,843 |
19.46 |
113,713 |
0.22 |
0.00 |
9.28 |
|||||||||||||||||||||||||
2020 |
5,884 |
17.81 |
104,790 |
1.69 |
0.00 |
6.09 |
|||||||||||||||||||||||||
2019 |
5,461 |
16.79 |
91,680 |
3.45 |
0.00 |
18.07 |
|||||||||||||||||||||||||
BHFTI American Funds®​ |
2023 |
65,853 |
27.00 |
1,778,218 |
2.60 |
0.00 |
16.72 |
||||||||||||||||||||||||
Balanced Allocation Division |
2022 |
66,330 |
23.14 |
1,534,563 |
1.75 |
0.00 |
(16.53) |
||||||||||||||||||||||||
2021 |
64,025 |
27.72 |
1,774,603 |
1.41 |
0.00 |
12.55 |
|||||||||||||||||||||||||
2020 |
60,418 |
24.63 |
1,487,933 |
1.96 |
0.00 |
15.84 |
|||||||||||||||||||||||||
2019 |
67,995 |
21.26 |
1,445,605 |
2.08 |
0.00 |
19.88 |
|||||||||||||||||||||||||
BHFTI American Funds®​ |
2023 |
101,114 |
30.66 |
3,100,002 |
2.36 |
0.00 |
20.66 |
||||||||||||||||||||||||
Growth Allocation Division |
2022 |
108,585 |
25.41 |
2,758,925 |
1.43 |
0.00 |
(18.37) |
||||||||||||||||||||||||
2021 |
108,861 |
31.13 |
3,388,399 |
1.06 |
0.00 |
16.21 |
|||||||||||||||||||||||||
2020 |
97,971 |
26.78 |
2,623,990 |
1.85 |
0.00 |
17.34 |
|||||||||||||||||||||||||
2019 |
98,420 |
22.83 |
2,246,552 |
1.93 |
0.00 |
24.05 |
|||||||||||||||||||||||||
BHFTI American Funds®​ |
2023 |
87,277 |
23.71 |
2,069,460 |
2.93 |
0.00 |
13.23 |
||||||||||||||||||||||||
Moderate Allocation Division |
2022 |
84,899 |
20.94 |
1,777,871 |
2.04 |
0.00 |
(14.41) |
||||||||||||||||||||||||
2021 |
84,150 |
24.47 |
2,058,790 |
1.79 |
0.00 |
9.98 |
|||||||||||||||||||||||||
2020 |
81,015 |
22.25 |
1,802,190 |
2.20 |
0.00 |
13.30 |
|||||||||||||||||||||||||
2019 |
82,898 |
19.63 |
1,627,630 |
2.25 |
0.00 |
16.59 |
|||||||||||||||||||||||||
BHFTI BlackRock Global |
2023 |
17,115 |
17.16 |
293,659 |
3.31 |
0.00 |
13.32 |
||||||||||||||||||||||||
Tactical Strategies Division |
2022 |
17,997 |
15.14 |
272,504 |
3.06 |
0.00 |
(18.89) |
||||||||||||||||||||||||
2021 |
33,114 |
18.67 |
618,131 |
1.47 |
0.00 |
9.79 |
|||||||||||||||||||||||||
2020 |
38,507 |
17.00 |
654,705 |
1.54 |
0.00 |
4.31 |
|||||||||||||||||||||||||
2019 |
34,843 |
16.30 |
567,933 |
0.20 |
0.00 |
20.63 |
|||||||||||||||||||||||||
BHFTI Brighthouse Asset |
2023 |
802,853 |
32.84 - 370.53 |
31,238,848 |
2.97 |
0.00 - 0.90 |
20.02 - 21.10 |
||||||||||||||||||||||||
Allocation 100 Division |
2022 |
836,110 |
27.36 - 306.71 |
26,852,250 |
1.62 |
0.00 - 0.90 |
(20.60) - (19.89) |
||||||||||||||||||||||||
2021 |
908,927 |
34.46 - 384.11 |
36,535,719 |
1.32 |
0.00 - 0.90 |
17.28 - 18.34 |
|||||||||||||||||||||||||
2020 |
880,792 |
29.39 - 325.17 |
29,845,174 |
1.37 |
0.00 - 0.90 |
18.16 - 19.23 |
|||||||||||||||||||||||||
2019 |
923,654 |
24.87 - 273.45 |
26,239,390 |
1.78 |
0.00 - 0.90 |
26.65 - 27.79 |
|||||||||||||||||||||||||
BHFTI Brighthouse Balanced |
2023 |
23,113 |
19.55 |
451,864 |
3.14 |
0.00 |
9.24 |
||||||||||||||||||||||||
Plus Division |
2022 |
22,742 |
17.90 |
407,015 |
2.44 |
0.00 |
(21.81) |
||||||||||||||||||||||||
2021 |
22,982 |
22.89 |
526,014 |
2.29 |
0.00 |
7.54 |
|||||||||||||||||||||||||
2020 |
22,076 |
21.28 |
469,831 |
2.45 |
0.00 |
12.52 |
|||||||||||||||||||||||||
2019 |
24,489 |
18.91 |
463,179 |
2.00 |
0.00 |
23.57 |
|||||||||||||||||||||||||
BHFTI Brighthouse Small Cap |
2023 |
28,904 |
46.19 |
1,335,008 |
0.99 |
0.00 |
13.95 |
||||||||||||||||||||||||
Value Division |
2022 |
29,307 |
40.53 |
1,187,940 |
0.62 |
0.00 |
(13.09) |
||||||||||||||||||||||||
2021 |
29,676 |
46.64 |
1,384,093 |
0.83 |
0.00 |
31.77 |
|||||||||||||||||||||||||
2020 |
29,467 |
35.40 |
1,043,005 |
1.30 |
0.00 |
(0.57) |
|||||||||||||||||||||||||
2019 |
28,267 |
35.60 |
1,006,269 |
0.84 |
0.00 |
28.78 |
UL-191
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
7. FINANCIAL HIGHLIGHTS (Continued)
As of December 31 |
For the year ended December 31 |
||||||||||||||||||||||||||||||
Units |
Unit Value |
Net |
Investment1​ |
Expense Ratio2​ |
Total Return3​ |
||||||||||||||||||||||||||
BHFTI Brighthouse/abrdn |
2023 |
96,855 |
14.71 - 23.07 |
1,710,026 |
1.14 |
0.00 |
6.47 - 6.67 |
||||||||||||||||||||||||
Emerging Markets Equity |
2022 |
95,390 |
13.79 - 21.67 |
1,587,039 |
0.89 |
0.00 |
(25.81) - (25.58) |
||||||||||||||||||||||||
Division |
2021 |
87,255 |
18.52 - 29.21 |
1,977,225 |
0.27 |
0.00 |
(5.07) - (4.81) |
||||||||||||||||||||||||
2020 |
83,457 |
19.46 - 30.77 |
2,019,002 |
1.96 |
0.00 |
27.30 - 27.68 |
|||||||||||||||||||||||||
2019 |
86,472 |
15.24 - 24.17 |
1,613,170 |
1.80 |
0.00 |
20.75 - 20.98 |
|||||||||||||||||||||||||
BHFTI Brighthouse/Templeton |
2023 |
25,208 |
13.15 |
331,563 |
|
0.00 |
3.70 |
||||||||||||||||||||||||
International Bond Division |
2022 |
23,371 |
12.68 |
296,436 |
|
0.00 |
(4.42) |
||||||||||||||||||||||||
2021 |
25,173 |
13.27 |
334,055 |
|
0.00 |
(4.69) |
|||||||||||||||||||||||||
2020 |
21,919 |
13.92 |
305,204 |
6.58 |
0.00 |
(5.75) |
|||||||||||||||||||||||||
2019 |
20,570 |
14.77 |
303,898 |
8.43 |
0.00 |
1.44 |
|||||||||||||||||||||||||
BHFTI Brighthouse/Wellington |
2023 |
6,142,755 |
38.64 - 153.62 |
604,262,994 |
0.83 |
0.00 - 0.90 |
24.72 - 25.84 |
||||||||||||||||||||||||
Large Cap Research Division |
2022 |
6,530,163 |
30.74 - 123.17 |
513,994,055 |
0.73 |
0.00 - 0.90 |
(19.68) - (18.96) |
||||||||||||||||||||||||
2021 |
6,911,693 |
37.96 - 153.36 |
674,672,049 |
0.86 |
0.00 - 0.90 |
23.37 - 24.48 |
|||||||||||||||||||||||||
2020 |
7,329,428 |
30.52 - 124.30 |
577,620,175 |
1.13 |
0.00 - 0.90 |
21.27 - 22.37 |
|||||||||||||||||||||||||
2019 |
7,682,381 |
24.96 - 102.50 |
499,000,336 |
1.15 |
0.00 - 0.90 |
30.99 - 32.17 |
|||||||||||||||||||||||||
BHFTI CBRE Global Real |
2023 |
902,592 |
26.05 - 31.09 |
27,500,616 |
2.73 |
0.00 - 0.90 |
11.86 - 12.87 |
||||||||||||||||||||||||
Estate Division |
2022 |
911,942 |
23.29 - 27.55 |
24,640,317 |
4.42 |
0.00 - 0.90 |
(25.39) - (24.71) |
||||||||||||||||||||||||
2021 |
924,250 |
31.21 - 36.59 |
33,176,450 |
3.05 |
0.00 - 0.90 |
33.49 - 34.70 |
|||||||||||||||||||||||||
2020 |
990,960 |
23.38 - 27.16 |
26,416,840 |
4.69 |
0.00 - 0.90 |
(5.63) - (4.78) |
|||||||||||||||||||||||||
2019 |
1,058,412 |
24.78 - 28.53 |
29,628,630 |
3.28 |
0.00 - 0.90 |
23.98 - 25.10 |
|||||||||||||||||||||||||
BHFTI Harris Oakmark |
2023 |
947,105 |
22.65 - 44.40 |
40,259,132 |
2.12 |
0.00 - 0.90 |
18.19 - 19.26 |
||||||||||||||||||||||||
International Division |
2022 |
1,021,747 |
18.99 - 37.23 |
36,475,971 |
2.44 |
0.00 - 0.90 |
(16.54) - (15.78) |
||||||||||||||||||||||||
2021 |
1,041,451 |
22.55 - 44.21 |
44,087,552 |
0.84 |
0.00 - 0.90 |
7.69 - 8.66 |
|||||||||||||||||||||||||
2020 |
1,098,169 |
20.75 - 40.68 |
42,373,128 |
3.34 |
0.00 - 0.90 |
4.42 - 5.37 |
|||||||||||||||||||||||||
2019 |
1,149,294 |
19.69 - 38.61 |
42,162,984 |
2.42 |
0.00 - 0.90 |
23.72 - 24.83 |
|||||||||||||||||||||||||
BHFTI Invesco Balanced-Risk |
2023 |
44,274 |
1.63 |
72,050 |
3.36 |
0.00 |
6.44 |
||||||||||||||||||||||||
Allocation Division |
2022 |
48,650 |
1.53 |
74,383 |
5.95 |
0.00 |
(12.41) |
||||||||||||||||||||||||
2021 |
56,319 |
1.75 |
98,311 |
2.96 |
0.00 |
9.69 |
|||||||||||||||||||||||||
2020 |
52,763 |
1.59 |
83,967 |
5.35 |
0.00 |
10.14 |
|||||||||||||||||||||||||
2019 |
48,880 |
1.44 |
70,629 |
|
0.00 |
15.28 |
|||||||||||||||||||||||||
BHFTI Invesco Global Equity |
2023 |
1,006,430 |
60.49 - 76.99 |
68,309,982 |
0.37 |
0.00 - 0.90 |
33.78 - 34.99 |
||||||||||||||||||||||||
Division |
2022 |
1,066,494 |
45.21 - 57.03 |
53,633,175 |
|
0.00 - 0.90 |
(32.31) - (31.70) |
||||||||||||||||||||||||
2021 |
1,098,505 |
66.79 - 83.50 |
80,996,894 |
0.13 |
0.00 - 0.90 |
14.72 - 15.76 |
|||||||||||||||||||||||||
2020 |
1,152,521 |
58.22 - 72.13 |
73,613,883 |
0.89 |
0.00 - 0.90 |
26.77 - 27.92 |
|||||||||||||||||||||||||
2019 |
1,230,393 |
45.93 - 56.39 |
61,706,401 |
1.06 |
0.00 - 0.90 |
30.73 - 31.91 |
|||||||||||||||||||||||||
BHFTI Invesco Small Cap |
2023 |
160,171 |
46.26 - 63.69 |
8,815,332 |
|
0.00 - 0.90 |
11.33 - 12.33 |
||||||||||||||||||||||||
Growth Division |
2022 |
173,232 |
41.55 - 56.70 |
8,490,182 |
|
0.00 - 0.90 |
(35.62) - (35.04) |
||||||||||||||||||||||||
2021 |
176,409 |
64.55 - 87.28 |
13,295,343 |
|
0.00 - 0.90 |
6.16 - 7.12 |
|||||||||||||||||||||||||
2020 |
170,045 |
60.80 - 81.48 |
11,990,947 |
0.09 |
0.00 - 0.90 |
55.83 - 57.24 |
|||||||||||||||||||||||||
2019 |
172,676 |
39.02 - 51.82 |
7,743,564 |
|
0.00 - 0.90 |
23.52 - 24.64 |
|||||||||||||||||||||||||
BHFTI JPMorgan Global |
2023 |
97,146 |
1.85 |
180,173 |
1.74 |
0.00 |
10.51 |
||||||||||||||||||||||||
Active Allocation Division |
2022 |
98,827 |
1.68 |
165,865 |
2.49 |
0.00 |
(17.54) |
||||||||||||||||||||||||
2021 |
116,936 |
2.04 |
238,019 |
0.48 |
0.00 |
9.64 |
|||||||||||||||||||||||||
2020 |
110,963 |
1.86 |
206,006 |
2.17 |
0.00 |
12.23 |
|||||||||||||||||||||||||
2019 |
109,106 |
1.65 |
180,493 |
3.22 |
0.00 |
16.91 |
UL-192
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
7. FINANCIAL HIGHLIGHTS (Continued)
As of December 31 |
For the year ended December 31 |
||||||||||||||||||||||||||||||
Units |
Unit Value |
Net |
Investment1​ |
Expense Ratio2​ |
Total Return3​ |
||||||||||||||||||||||||||
BHFTI JPMorgan Small Cap |
2023 |
16,655 |
42.11 |
701,351 |
1.36 |
0.00 |
13.21 |
||||||||||||||||||||||||
Value Division |
2022 |
17,017 |
37.20 |
632,985 |
1.15 |
0.00 |
(13.21) |
||||||||||||||||||||||||
2021 |
17,916 |
42.86 |
767,865 |
1.12 |
0.00 |
33.01 |
|||||||||||||||||||||||||
2020 |
19,793 |
32.22 |
637,763 |
1.41 |
0.00 |
6.34 |
|||||||||||||||||||||||||
2019 |
17,082 |
30.30 |
517,568 |
1.41 |
0.00 |
19.53 |
|||||||||||||||||||||||||
BHFTI Loomis Sayles Global |
2023 |
10,114 |
39.33 |
397,793 |
|
0.00 |
22.51 |
||||||||||||||||||||||||
Allocation Division |
2022 |
10,345 |
32.10 |
332,108 |
|
0.00 |
(23.12) |
||||||||||||||||||||||||
2021 |
10,832 |
41.76 |
452,338 |
1.01 |
0.00 |
14.57 |
|||||||||||||||||||||||||
2020 |
15,397 |
36.45 |
561,208 |
0.94 |
0.00 |
15.11 |
|||||||||||||||||||||||||
2019 |
14,485 |
31.67 |
458,663 |
1.76 |
0.00 |
27.86 |
|||||||||||||||||||||||||
BHFTI Loomis Sayles Growth |
2023 |
1,373,087 |
36.41 - 45.32 |
60,020,658 |
|
0.00 - 0.90 |
50.71 - 52.06 |
||||||||||||||||||||||||
Division |
2022 |
1,435,807 |
24.16 - 29.81 |
41,347,803 |
|
0.00 - 0.90 |
(28.51) - (27.86) |
||||||||||||||||||||||||
2021 |
1,490,938 |
33.79 - 41.32 |
59,524,218 |
0.20 |
0.00 - 0.90 |
17.60 - 18.66 |
|||||||||||||||||||||||||
2020 |
1,591,359 |
28.74 - 34.82 |
53,589,941 |
0.83 |
0.00 - 0.90 |
31.35 - 32.54 |
|||||||||||||||||||||||||
2019 |
1,729,858 |
21.88 - 26.27 |
44,014,963 |
1.05 |
0.00 - 0.90 |
22.72 - 23.83 |
|||||||||||||||||||||||||
BHFTI MetLife Multi-Index |
2023 |
1,171 |
177.16 |
207,433 |
2.27 |
0.00 |
13.82 |
||||||||||||||||||||||||
Targeted Risk Division |
2022 |
1,120 |
155.65 |
174,332 |
1.84 |
0.00 |
(21.09) |
||||||||||||||||||||||||
2021 |
1,161 |
197.25 |
228,985 |
1.75 |
0.00 |
9.72 |
|||||||||||||||||||||||||
2020 |
1,152 |
179.78 |
207,140 |
2.20 |
0.00 |
6.56 |
|||||||||||||||||||||||||
2019 |
1,128 |
168.72 |
190,385 |
2.12 |
0.00 |
21.71 |
|||||||||||||||||||||||||
BHFTI MFS®​ Research |
2023 |
662,277 |
26.85 - 32.92 |
20,282,373 |
1.61 |
0.00 - 0.90 |
12.04 - 13.05 |
||||||||||||||||||||||||
International Division |
2022 |
759,529 |
23.97 - 29.12 |
20,434,855 |
2.01 |
0.00 - 0.90 |
(18.04) - (17.30) |
||||||||||||||||||||||||
2021 |
771,897 |
29.24 - 35.22 |
25,123,312 |
1.10 |
0.00 - 0.90 |
10.98 - 11.98 |
|||||||||||||||||||||||||
2020 |
810,239 |
26.35 - 31.45 |
23,548,115 |
2.30 |
0.00 - 0.90 |
12.26 - 13.27 |
|||||||||||||||||||||||||
2019 |
757,602 |
23.31 - 27.76 |
19,669,707 |
1.52 |
0.00 - 0.90 |
27.54 - 28.69 |
|||||||||||||||||||||||||
BHFTI Morgan Stanley |
2023 |
6,662,885 |
22.01 - 61.78 |
327,902,468 |
|
0.00 - 0.90 |
39.98 - 41.23 |
||||||||||||||||||||||||
Discovery Division |
2022 |
6,944,567 |
15.58 - 43.74 |
242,801,988 |
|
0.00 - 0.90 |
(62.81) - (62.47) |
||||||||||||||||||||||||
2021 |
7,148,412 |
41.52 - 116.54 |
667,533,016 |
|
0.00 - 0.90 |
(11.34) - (10.54) |
|||||||||||||||||||||||||
2020 |
7,603,605 |
46.41 - 130.27 |
795,347,450 |
|
0.00 - 0.90 |
151.49 - 153.77 |
|||||||||||||||||||||||||
2019 |
8,205,516 |
18.29 - 51.34 |
339,317,318 |
|
0.00 - 0.90 |
39.21 - 40.47 |
|||||||||||||||||||||||||
BHFTI PanAgora Global |
2023 |
137,082 |
1.29 |
177,025 |
7.68 |
0.00 |
4.71 |
||||||||||||||||||||||||
Diversified Risk Division |
2022 |
130,761 |
1.23 |
161,265 |
14.98 |
0.00 |
(25.66) |
||||||||||||||||||||||||
2021 |
726 |
1.66 |
1,204 |
|
0.00 |
6.39 |
|||||||||||||||||||||||||
2020 |
548 |
1.56 |
855 |
3.27 |
0.00 |
11.85 |
|||||||||||||||||||||||||
2019 |
484 |
1.39 |
674 |
3.07 |
0.00 |
21.99 |
|||||||||||||||||||||||||
BHFTI PIMCO Inflation |
2023 |
516,127 |
14.47 - 21.81 |
9,633,903 |
2.36 |
0.00 - 0.90 |
2.82 - 3.74 |
||||||||||||||||||||||||
Protected Bond Division |
2022 |
521,939 |
13.95 - 21.02 |
9,398,333 |
6.61 |
0.00 - 0.90 |
(12.39) - (11.60) |
||||||||||||||||||||||||
2021 |
564,224 |
15.78 - 23.78 |
11,483,521 |
0.94 |
0.00 - 0.90 |
4.67 - 5.61 |
|||||||||||||||||||||||||
2020 |
564,791 |
14.94 - 22.52 |
10,790,167 |
2.99 |
0.00 - 0.90 |
10.85 - 11.85 |
|||||||||||||||||||||||||
2019 |
584,141 |
13.36 - 20.13 |
9,924,534 |
3.63 |
0.00 - 0.90 |
7.52 - 8.49 |
|||||||||||||||||||||||||
BHFTI PIMCO Total Return |
2023 |
2,244,014 |
13.96 - 25.82 |
47,943,842 |
3.15 |
0.00 - 0.90 |
5.27 - 6.22 |
||||||||||||||||||||||||
Division |
2022 |
2,194,741 |
13.15 - 24.31 |
44,749,811 |
3.19 |
0.00 - 0.90 |
(15.11) - (14.34) |
||||||||||||||||||||||||
2021 |
2,325,136 |
15.35 - 28.38 |
55,623,579 |
1.98 |
0.00 - 0.90 |
(2.02) - (1.13) |
|||||||||||||||||||||||||
2020 |
2,127,098 |
15.52 - 28.70 |
53,377,735 |
3.96 |
0.00 - 0.90 |
7.84 - 8.82 |
|||||||||||||||||||||||||
2019 |
2,140,981 |
14.27 - 26.37 |
49,636,590 |
3.07 |
0.00 - 0.90 |
7.71 - 8.69 |
UL-193
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
7. FINANCIAL HIGHLIGHTS (Continued)
As of December 31 |
For the year ended December 31 |
||||||||||||||||||||||||||||||
Units |
Unit Value |
Net |
Investment1​ |
Expense Ratio2​ |
Total Return3​ |
||||||||||||||||||||||||||
BHFTI Schroders Global |
2023 |
86,492 |
1.76 |
152,260 |
1.88 |
0.00 |
15.02 |
||||||||||||||||||||||||
Multi-Asset Division |
2022 |
78,799 |
1.53 |
120,604 |
1.41 |
0.00 |
(20.17) |
||||||||||||||||||||||||
2021 |
77,519 |
1.92 |
148,622 |
0.32 |
0.00 |
11.42 |
|||||||||||||||||||||||||
2020 |
73,514 |
1.72 |
126,497 |
1.74 |
0.00 |
2.11 |
|||||||||||||||||||||||||
2019 |
66,855 |
1.69 |
112,663 |
1.48 |
0.00 |
21.49 |
|||||||||||||||||||||||||
BHFTI SSGA Growth and |
2023 |
309,380 |
23.23 - 28.91 |
8,406,849 |
2.55 |
0.00 - 0.90 |
13.10 - 14.12 |
||||||||||||||||||||||||
Income ETF Division |
2022 |
326,748 |
20.54 - 25.33 |
7,797,152 |
3.26 |
0.00 - 0.90 |
(15.85) - (15.09) |
||||||||||||||||||||||||
2021 |
351,544 |
24.41 - 29.83 |
9,885,163 |
1.94 |
0.00 - 0.90 |
12.59 - 13.61 |
|||||||||||||||||||||||||
2020 |
361,641 |
21.68 - 26.26 |
8,953,964 |
2.89 |
0.00 - 0.90 |
9.15 - 10.14 |
|||||||||||||||||||||||||
2019 |
389,915 |
19.86 - 23.84 |
8,774,580 |
2.60 |
0.00 - 0.90 |
18.80 - 19.88 |
|||||||||||||||||||||||||
BHFTI SSGA Growth ETF |
2023 |
289,280 |
24.82 - 31.47 |
8,562,040 |
2.06 |
0.00 - 0.90 |
15.09 - 16.13 |
||||||||||||||||||||||||
Division |
2022 |
326,825 |
21.57 - 27.10 |
8,359,593 |
3.03 |
0.00 - 0.90 |
(16.43) - (15.67) |
||||||||||||||||||||||||
2021 |
330,986 |
25.81 - 32.14 |
10,058,945 |
1.65 |
0.00 - 0.90 |
16.83 - 17.88 |
|||||||||||||||||||||||||
2020 |
333,024 |
22.09 - 27.27 |
8,591,681 |
2.60 |
0.00 - 0.90 |
10.06 - 11.06 |
|||||||||||||||||||||||||
2019 |
334,933 |
20.07 - 24.55 |
7,772,729 |
2.23 |
0.00 - 0.90 |
21.50 - 22.60 |
|||||||||||||||||||||||||
BHFTI T. Rowe Price Large |
2023 |
98,383 |
37.16 |
3,655,543 |
2.05 |
0.00 |
9.91 |
||||||||||||||||||||||||
Cap Value Division |
2022 |
105,297 |
33.81 |
3,559,796 |
1.84 |
0.00 |
(4.89) |
||||||||||||||||||||||||
2021 |
106,511 |
35.55 |
3,785,981 |
2.00 |
0.00 |
26.30 |
|||||||||||||||||||||||||
2020 |
114,061 |
28.14 |
3,210,189 |
2.58 |
0.00 |
3.15 |
|||||||||||||||||||||||||
2019 |
113,705 |
27.29 |
3,102,498 |
2.23 |
0.00 |
26.81 |
|||||||||||||||||||||||||
BHFTI T. Rowe Price Mid Cap |
2023 |
939,361 |
42.93 - 75.65 |
48,021,069 |
|
0.00 - 0.90 |
19.04 - 20.11 |
||||||||||||||||||||||||
Growth Division |
2022 |
994,708 |
36.07 - 63.12 |
42,385,009 |
|
0.00 - 0.90 |
(23.03) - (22.33) |
||||||||||||||||||||||||
2021 |
1,050,561 |
46.86 - 81.48 |
57,734,869 |
|
0.00 - 0.90 |
14.11 - 15.15 |
|||||||||||||||||||||||||
2020 |
1,107,534 |
41.06 - 70.87 |
52,915,937 |
0.25 |
0.00 - 0.90 |
23.19 - 24.30 |
|||||||||||||||||||||||||
2019 |
1,217,875 |
33.33 - 57.19 |
46,858,064 |
0.26 |
0.00 - 0.90 |
30.24 - 31.42 |
|||||||||||||||||||||||||
BHFTI Victory Sycamore Mid |
2023 |
1,509,698 |
45.87 - 97.72 |
116,181,232 |
1.64 |
0.00 - 0.90 |
9.22 - 10.20 |
||||||||||||||||||||||||
Cap Value Division |
2022 |
1,596,435 |
41.62 - 88.68 |
111,565,348 |
1.87 |
0.00 - 0.90 |
(3.32) - (2.45) |
||||||||||||||||||||||||
2021 |
1,711,609 |
42.67 - 90.90 |
122,798,110 |
1.29 |
0.00 - 0.90 |
30.95 - 32.13 |
|||||||||||||||||||||||||
2020 |
1,808,639 |
32.29 - 68.80 |
98,316,934 |
1.63 |
0.00 - 0.90 |
6.90 - 7.87 |
|||||||||||||||||||||||||
2019 |
1,873,760 |
29.94 - 63.78 |
94,502,489 |
1.31 |
0.00 - 0.90 |
28.19 - 29.35 |
|||||||||||||||||||||||||
BHFTII Baillie Gifford |
2023 |
1,819,251 |
21.73 - 32.88 |
45,880,275 |
1.30 |
0.00 - 0.90 |
17.53 - 18.59 |
||||||||||||||||||||||||
International Stock Division |
2022 |
1,906,504 |
18.33 - 27.73 |
40,730,492 |
1.14 |
0.00 - 0.90 |
(29.24) - (28.60) |
||||||||||||||||||||||||
2021 |
1,934,614 |
25.67 - 38.84 |
58,182,186 |
0.94 |
0.00 - 0.90 |
(1.64) - (0.76) |
|||||||||||||||||||||||||
2020 |
1,983,009 |
25.86 - 39.13 |
60,383,398 |
1.95 |
0.00 - 0.90 |
25.44 - 26.58 |
|||||||||||||||||||||||||
2019 |
2,066,442 |
20.43 - 30.92 |
49,933,924 |
1.33 |
0.00 - 0.90 |
31.63 - 32.82 |
|||||||||||||||||||||||||
BHFTII BlackRock Bond |
2023 |
2,144,674 |
24.77 - 117.32 |
66,143,839 |
3.13 |
0.00 - 0.90 |
4.89 - 5.84 |
||||||||||||||||||||||||
Income Division |
2022 |
2,201,543 |
23.41 - 110.85 |
64,575,963 |
2.90 |
0.00 - 0.90 |
(14.91) - (14.15) |
||||||||||||||||||||||||
2021 |
2,364,397 |
27.26 - 129.11 |
80,938,017 |
2.73 |
0.00 - 0.90 |
(1.33) - (0.44) |
|||||||||||||||||||||||||
2020 |
2,497,234 |
27.38 - 129.68 |
85,545,862 |
3.61 |
0.00 - 0.90 |
7.62 - 8.60 |
|||||||||||||||||||||||||
2019 |
2,580,447 |
25.22 - 119.41 |
82,259,521 |
3.68 |
0.00 - 0.90 |
8.84 - 9.83 |
|||||||||||||||||||||||||
BHFTII BlackRock Capital |
2023 |
346,898 |
48.11 - 193.67 |
25,223,530 |
0.04 |
0.00 - 0.90 |
48.28 - 49.61 |
||||||||||||||||||||||||
Appreciation Division |
2022 |
339,528 |
32.16 - 129.45 |
16,550,858 |
|
0.00 - 0.90 |
(38.17) - (37.61) |
||||||||||||||||||||||||
2021 |
343,846 |
51.54 - 207.48 |
26,765,186 |
|
0.00 - 0.90 |
20.12 - 21.20 |
|||||||||||||||||||||||||
2020 |
345,252 |
42.53 - 171.19 |
22,244,614 |
|
0.00 - 0.90 |
39.40 - 40.66 |
|||||||||||||||||||||||||
2019 |
346,393 |
30.23 - 121.70 |
15,931,824 |
0.22 |
0.00 - 0.90 |
31.66 - 32.85 |
UL-194
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
7. FINANCIAL HIGHLIGHTS (Continued)
As of December 31 |
For the year ended December 31 |
||||||||||||||||||||||||||||||
Units |
Unit Value |
Net |
Investment1​ |
Expense Ratio2​ |
Total Return3​ |
||||||||||||||||||||||||||
BHFTII BlackRock |
2023 |
1,195,881 |
17.67 - 20.22 |
23,782,443 |
1.67 |
0.00 - 0.90 |
4.11 - 5.05 |
||||||||||||||||||||||||
Ultra-Short Term Bond |
2022 |
1,204,900 |
16.97 - 19.25 |
22,849,135 |
|
0.00 - 0.90 |
0.54 - 1.44 |
||||||||||||||||||||||||
Division |
2021 |
1,262,019 |
16.88 - 18.97 |
23,583,580 |
0.33 |
0.00 - 0.90 |
(1.09) - (0.19) |
||||||||||||||||||||||||
2020 |
1,362,096 |
17.07 - 19.01 |
25,545,918 |
2.13 |
0.00 - 0.90 |
(0.47) - 0.43 |
|||||||||||||||||||||||||
2019 |
1,501,263 |
17.15 - 18.93 |
28,087,767 |
1.80 |
0.00 - 0.90 |
1.21 - 2.13 |
|||||||||||||||||||||||||
BHFTII Brighthouse Asset |
2023 |
159,215 |
18.72 - 211.52 |
3,435,185 |
3.70 |
0.00 - 0.90 |
7.11 - 8.08 |
||||||||||||||||||||||||
Allocation 20 Division |
2022 |
161,003 |
17.48 - 196.17 |
3,217,663 |
3.21 |
0.00 - 0.90 |
(13.33) - (12.54) |
||||||||||||||||||||||||
2021 |
205,170 |
20.17 - 224.68 |
4,667,713 |
3.25 |
0.00 - 0.90 |
3.07 - 4.01 |
|||||||||||||||||||||||||
2020 |
215,846 |
19.57 - 216.69 |
4,732,795 |
2.92 |
0.00 - 0.90 |
8.72 - 9.70 |
|||||||||||||||||||||||||
2019 |
225,662 |
18.00 - 197.86 |
4,516,440 |
2.35 |
0.00 - 0.90 |
11.14 - 12.14 |
|||||||||||||||||||||||||
BHFTII Brighthouse Asset |
2023 |
348,161 |
22.31 - 251.54 |
10,465,365 |
3.57 |
0.00 - 0.90 |
9.83 - 10.82 |
||||||||||||||||||||||||
Allocation 40 Division |
2022 |
354,693 |
20.31 - 227.60 |
9,630,479 |
2.80 |
0.00 - 0.90 |
(14.40) - (13.63) |
||||||||||||||||||||||||
2021 |
373,672 |
23.73 - 264.15 |
11,713,955 |
2.85 |
0.00 - 0.90 |
6.72 - 7.68 |
|||||||||||||||||||||||||
2020 |
405,649 |
22.23 - 245.90 |
11,660,215 |
2.87 |
0.00 - 0.90 |
10.31 - 11.31 |
|||||||||||||||||||||||||
2019 |
437,228 |
20.16 - 221.46 |
11,161,607 |
2.40 |
0.00 - 0.90 |
14.91 - 15.94 |
|||||||||||||||||||||||||
BHFTII Brighthouse Asset |
2023 |
1,975,865 |
26.21 - 295.85 |
59,612,791 |
3.35 |
0.00 - 0.90 |
12.91 - 13.93 |
||||||||||||||||||||||||
Allocation 60 Division |
2022 |
2,030,106 |
23.21 - 260.45 |
53,824,566 |
2.43 |
0.00 - 0.90 |
(15.93) - (15.17) |
||||||||||||||||||||||||
2021 |
2,114,011 |
27.61 - 307.61 |
66,140,037 |
2.32 |
0.00 - 0.90 |
10.18 - 11.17 |
|||||||||||||||||||||||||
2020 |
2,185,612 |
25.06 - 277.36 |
61,629,691 |
2.44 |
0.00 - 0.90 |
13.06 - 14.09 |
|||||||||||||||||||||||||
2019 |
2,321,571 |
22.16 - 243.62 |
57,435,303 |
2.19 |
0.00 - 0.90 |
18.77 - 19.85 |
|||||||||||||||||||||||||
BHFTII Brighthouse Asset |
2023 |
3,346,203 |
30.07 - 35.57 |
116,834,367 |
3.30 |
0.00 - 0.90 |
16.46 - 17.51 |
||||||||||||||||||||||||
Allocation 80 Division |
2022 |
3,616,566 |
25.82 - 30.27 |
107,621,669 |
2.08 |
0.00 - 0.90 |
(18.45) - (17.71) |
||||||||||||||||||||||||
2021 |
3,736,533 |
31.66 - 36.79 |
135,292,452 |
1.88 |
0.00 - 0.90 |
13.85 - 14.87 |
|||||||||||||||||||||||||
2020 |
3,924,463 |
27.81 - 32.02 |
123,881,151 |
2.06 |
0.00 - 0.90 |
15.96 - 17.01 |
|||||||||||||||||||||||||
2019 |
4,095,013 |
23.99 - 27.37 |
110,596,939 |
2.00 |
0.00 - 0.90 |
22.92 - 24.04 |
|||||||||||||||||||||||||
BHFTII Brighthouse/Artisan |
2023 |
106,117 |
53.49 - 786.90 |
72,467,831 |
0.84 |
0.00 - 0.90 |
17.47 - 18.53 |
||||||||||||||||||||||||
Mid Cap Value Division |
2022 |
112,226 |
45.24 - 663.88 |
64,770,145 |
0.96 |
0.00 - 0.90 |
(13.40) - (12.62) |
||||||||||||||||||||||||
2021 |
119,694 |
51.90 - 759.76 |
78,750,610 |
0.93 |
0.00 - 0.90 |
25.77 - 26.91 |
|||||||||||||||||||||||||
2020 |
129,202 |
41.00 - 598.68 |
65,211,225 |
0.96 |
0.00 - 0.90 |
5.29 - 6.25 |
|||||||||||||||||||||||||
2019 |
132,110 |
38.68 - 563.49 |
63,307,525 |
0.76 |
0.00 - 0.90 |
22.64 - 23.75 |
|||||||||||||||||||||||||
BHFTII Brighthouse/Wellington |
2023 |
5,138,146 |
45.65 - 184.71 |
350,011,141 |
2.15 |
0.00 - 0.90 |
17.05 - 18.10 |
||||||||||||||||||||||||
Balanced Division |
2022 |
5,459,333 |
38.65 - 156.40 |
317,300,443 |
1.72 |
0.00 - 0.90 |
(17.82) - (17.08) |
||||||||||||||||||||||||
2021 |
5,757,787 |
46.61 - 188.61 |
405,316,113 |
1.83 |
0.00 - 0.90 |
13.00 - 14.02 |
|||||||||||||||||||||||||
2020 |
6,068,802 |
40.88 - 165.41 |
376,504,610 |
2.21 |
0.00 - 0.90 |
16.67 - 17.72 |
|||||||||||||||||||||||||
2019 |
6,391,352 |
34.72 - 140.51 |
339,265,361 |
2.20 |
0.00 - 0.90 |
21.89 - 22.99 |
|||||||||||||||||||||||||
BHFTII Brighthouse/Wellington |
2023 |
724,776 |
50.56 - 167.04 |
101,645,372 |
1.43 |
0.00 - 0.90 |
6.70 - 7.66 |
||||||||||||||||||||||||
Core Equity Opportunities |
2022 |
768,457 |
46.97 - 155.16 |
100,213,793 |
1.47 |
0.00 - 0.90 |
(5.93) - (5.08) |
||||||||||||||||||||||||
Division |
2021 |
822,193 |
49.48 - 163.46 |
113,033,607 |
1.39 |
0.00 - 0.90 |
23.31 - 24.43 |
||||||||||||||||||||||||
2020 |
867,728 |
39.77 - 131.37 |
95,952,366 |
1.61 |
0.00 - 0.90 |
10.27 - 11.27 |
|||||||||||||||||||||||||
2019 |
909,178 |
35.74 - 118.06 |
90,517,969 |
1.61 |
0.00 - 0.90 |
29.76 - 30.94 |
|||||||||||||||||||||||||
BHFTII Frontier Mid Cap |
2023 |
4,059,067 |
59.52 - 226.81 |
286,178,088 |
|
0.00 - 0.90 |
16.94 - 18.00 |
||||||||||||||||||||||||
Growth Division |
2022 |
4,309,631 |
50.44 - 192.22 |
259,298,023 |
|
0.00 - 0.90 |
(28.79) - (28.15) |
||||||||||||||||||||||||
2021 |
4,503,522 |
70.20 - 267.51 |
379,750,516 |
|
0.00 - 0.90 |
13.65 - 14.68 |
|||||||||||||||||||||||||
2020 |
4,763,313 |
61.21 - 233.26 |
352,347,332 |
|
0.00 - 0.90 |
30.51 - 31.70 |
|||||||||||||||||||||||||
2019 |
5,034,751 |
46.48 - 177.12 |
284,652,778 |
|
0.00 - 0.90 |
31.94 - 33.13 |
UL-195
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
7. FINANCIAL HIGHLIGHTS (Continued)
As of December 31 |
For the year ended December 31 |
||||||||||||||||||||||||||||||
Units |
Unit Value |
Net |
Investment1​ |
Expense Ratio2​ |
Total Return3​ |
||||||||||||||||||||||||||
BHFTII Jennison Growth |
2023 |
665,817 |
39.16 - 86.44 |
54,273,975 |
|
0.00 - 0.90 |
51.90 - 53.26 |
||||||||||||||||||||||||
Division |
2022 |
695,016 |
25.55 - 56.40 |
36,949,284 |
|
0.00 - 0.90 |
(39.42) - (38.87) |
||||||||||||||||||||||||
2021 |
723,294 |
41.80 - 92.26 |
63,138,957 |
|
0.00 - 0.90 |
16.12 - 17.17 |
|||||||||||||||||||||||||
2020 |
973,705 |
35.67 - 78.74 |
63,757,959 |
0.21 |
0.00 - 0.90 |
55.39 - 56.80 |
|||||||||||||||||||||||||
2019 |
1,219,293 |
22.75 - 50.22 |
46,586,115 |
0.45 |
0.00 - 0.90 |
31.64 - 32.83 |
|||||||||||||||||||||||||
BHFTII Loomis Sayles Small |
2023 |
246,014 |
55.76 - 162.76 |
28,865,510 |
0.19 |
0.00 - 0.90 |
16.42 - 17.46 |
||||||||||||||||||||||||
Cap Core Division4​ |
2022 |
262,812 |
47.47 - 138.56 |
26,292,547 |
|
0.00 - 0.90 |
(15.82) - (15.06) |
||||||||||||||||||||||||
2021 |
278,921 |
55.89 - 163.13 |
32,916,898 |
0.08 |
0.00 - 0.90 |
20.86 - 21.95 |
|||||||||||||||||||||||||
2020 |
294,826 |
45.83 - 133.77 |
28,568,739 |
0.13 |
0.00 - 0.90 |
11.06 - 12.07 |
|||||||||||||||||||||||||
2019 |
56,229 |
40.90 - 905.79 |
26,944,849 |
0.03 |
0.00 - 0.90 |
24.41 - 25.54 |
|||||||||||||||||||||||||
BHFTII Loomis Sayles Small |
2023 |
300,414 |
39.34 - 48.23 |
14,221,421 |
|
0.00 - 0.90 |
10.91 - 11.91 |
||||||||||||||||||||||||
Cap Growth Division |
2022 |
311,640 |
35.47 - 43.10 |
13,189,360 |
|
0.00 - 0.90 |
(23.65) - (22.96) |
||||||||||||||||||||||||
2021 |
333,987 |
46.45 - 55.94 |
18,356,226 |
|
0.00 - 0.90 |
9.02 - 10.00 |
|||||||||||||||||||||||||
2020 |
357,529 |
42.61 - 50.85 |
17,857,777 |
|
0.00 - 0.90 |
33.14 - 34.34 |
|||||||||||||||||||||||||
2019 |
405,373 |
32.00 - 37.85 |
15,100,926 |
|
0.00 - 0.90 |
25.74 - 26.88 |
|||||||||||||||||||||||||
BHFTII MetLife Aggregate |
2023 |
6,173,628 |
19.00 - 24.36 |
148,403,441 |
2.87 |
0.00 - 0.90 |
4.26 - 5.20 |
||||||||||||||||||||||||
Bond Index Division |
2022 |
5,940,962 |
18.23 - 23.16 |
135,750,759 |
2.85 |
0.00 - 0.90 |
(13.87) - (13.09) |
||||||||||||||||||||||||
2021 |
6,374,351 |
21.16 - 26.65 |
167,582,568 |
2.50 |
0.00 - 0.90 |
(2.81) - (1.93) |
|||||||||||||||||||||||||
2020 |
5,813,302 |
21.77 - 27.17 |
155,753,138 |
2.80 |
0.00 - 0.90 |
6.25 - 7.21 |
|||||||||||||||||||||||||
2019 |
5,812,785 |
20.49 - 25.35 |
145,313,344 |
3.09 |
0.00 - 0.90 |
7.66 - 8.64 |
|||||||||||||||||||||||||
BHFTII MetLife Mid Cap |
2023 |
1,644,188 |
60.99 - 75.33 |
120,873,694 |
1.30 |
0.00 - 0.90 |
15.05 - 16.08 |
||||||||||||||||||||||||
Stock Index Division |
2022 |
1,755,165 |
53.01 - 64.89 |
111,082,035 |
1.12 |
0.00 - 0.90 |
(14.03) - (13.26) |
||||||||||||||||||||||||
2021 |
1,847,012 |
61.67 - 74.81 |
134,806,882 |
1.08 |
0.00 - 0.90 |
23.28 - 24.40 |
|||||||||||||||||||||||||
2020 |
1,980,000 |
50.02 - 60.14 |
116,199,047 |
1.43 |
0.00 - 0.90 |
12.38 - 13.39 |
|||||||||||||||||||||||||
2019 |
2,028,102 |
44.51 - 53.03 |
105,130,205 |
1.38 |
0.00 - 0.90 |
24.82 - 25.95 |
|||||||||||||||||||||||||
BHFTII MetLife MSCI EAFE®​ |
2023 |
4,151,642 |
18.75 - 29.63 |
109,846,788 |
2.50 |
0.00 - 0.90 |
16.88 - 17.93 |
||||||||||||||||||||||||
Index Division |
2022 |
4,490,291 |
16.04 - 25.13 |
100,713,181 |
3.70 |
0.00 - 0.90 |
(15.24) - (14.47) |
||||||||||||||||||||||||
2021 |
4,501,021 |
18.92 - 29.38 |
118,103,808 |
1.79 |
0.00 - 0.90 |
9.73 - 10.72 |
|||||||||||||||||||||||||
2020 |
4,476,776 |
17.25 - 26.53 |
105,987,571 |
3.13 |
0.00 - 0.90 |
6.88 - 7.85 |
|||||||||||||||||||||||||
2019 |
4,565,504 |
16.14 - 24.60 |
100,342,710 |
2.63 |
0.00 - 0.90 |
20.84 - 21.93 |
|||||||||||||||||||||||||
BHFTII MetLife Russell 2000®​ |
2023 |
1,475,632 |
42.16 - 68.49 |
91,170,955 |
1.32 |
0.00 - 0.90 |
15.76 - 16.80 |
||||||||||||||||||||||||
Index Division |
2022 |
1,523,348 |
36.42 - 58.64 |
80,456,431 |
1.07 |
0.00 - 0.90 |
(20.94) - (20.23) |
||||||||||||||||||||||||
2021 |
1,584,616 |
46.06 - 73.51 |
104,957,780 |
0.99 |
0.00 - 0.90 |
13.49 - 14.52 |
|||||||||||||||||||||||||
2020 |
1,645,359 |
40.59 - 64.19 |
95,347,869 |
1.36 |
0.00 - 0.90 |
18.55 - 19.62 |
|||||||||||||||||||||||||
2019 |
1,720,023 |
34.24 - 53.66 |
83,270,353 |
1.19 |
0.00 - 0.90 |
24.50 - 25.62 |
|||||||||||||||||||||||||
BHFTII MetLife Stock Index |
2023 |
19,879,741 |
58.05 - 260.01 |
1,590,286,340 |
1.39 |
0.00 - 0.90 |
24.81 - 25.94 |
||||||||||||||||||||||||
Division |
2022 |
21,104,569 |
46.09 - 206.46 |
1,344,098,565 |
1.28 |
0.00 - 0.90 |
(19.03) - (18.30) |
||||||||||||||||||||||||
2021 |
21,988,293 |
56.42 - 252.69 |
1,717,996,347 |
1.50 |
0.00 - 0.90 |
27.21 - 28.36 |
|||||||||||||||||||||||||
2020 |
23,153,775 |
43.95 - 196.87 |
1,409,776,127 |
1.86 |
0.00 - 0.90 |
17.04 - 18.10 |
|||||||||||||||||||||||||
2019 |
24,254,257 |
37.22 - 166.69 |
1,253,040,903 |
2.11 |
0.00 - 0.90 |
29.97 - 31.15 |
|||||||||||||||||||||||||
BHFTII MFS®​ Total Return |
2023 |
305,661 |
29.23 - 170.63 |
10,885,467 |
2.17 |
0.00 - 0.90 |
9.42 - 10.40 |
||||||||||||||||||||||||
Division |
2022 |
324,989 |
26.72 - 154.55 |
10,410,232 |
1.79 |
0.00 - 0.90 |
(10.44) - (9.63) |
||||||||||||||||||||||||
2021 |
328,139 |
29.83 - 171.03 |
11,534,646 |
1.84 |
0.00 - 0.90 |
13.19 - 14.22 |
|||||||||||||||||||||||||
2020 |
370,848 |
26.35 - 149.74 |
11,450,715 |
2.39 |
0.00 - 0.90 |
8.78 - 9.76 |
|||||||||||||||||||||||||
2019 |
402,049 |
24.23 - 136.42 |
11,322,426 |
2.99 |
0.00 - 0.90 |
19.29 - 20.37 |
UL-196
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
7. FINANCIAL HIGHLIGHTS (Continued)
As of December 31 |
For the year ended December 31 |
||||||||||||||||||||||||||||||
Units |
Unit Value |
Net |
Investment1​ |
Expense Ratio2​ |
Total Return3​ |
||||||||||||||||||||||||||
BHFTII MFS®​ Value Division |
2023 |
2,653,698 |
45.46 - 66.84 |
131,855,576 |
1.87 |
0.00 - 0.90 |
7.18 - 8.15 |
||||||||||||||||||||||||
2022 |
2,785,286 |
42.03 - 61.81 |
127,780,348 |
1.72 |
0.00 - 0.90 |
(6.82) - (5.98) |
|||||||||||||||||||||||||
2021 |
2,983,303 |
44.70 - 65.73 |
145,785,557 |
1.56 |
0.00 - 0.90 |
24.42 - 25.54 |
|||||||||||||||||||||||||
2020 |
3,223,534 |
35.61 - 52.36 |
126,437,900 |
1.97 |
0.00 - 0.90 |
3.03 - 3.96 |
|||||||||||||||||||||||||
2019 |
3,412,658 |
34.25 - 50.37 |
129,708,718 |
1.91 |
0.00 - 0.90 |
28.97 - 30.13 |
|||||||||||||||||||||||||
BHFTII Neuberger Berman |
2023 |
2,020,616 |
58.51 - 72.27 |
143,062,419 |
0.13 |
0.00 - 0.90 |
14.49 - 15.53 |
||||||||||||||||||||||||
Genesis Division |
2022 |
2,136,656 |
51.10 - 62.55 |
131,024,850 |
|
0.00 - 0.90 |
(19.88) - (19.15) |
||||||||||||||||||||||||
2021 |
2,249,576 |
63.78 - 77.37 |
170,768,848 |
0.08 |
0.00 - 0.90 |
17.35 - 18.41 |
|||||||||||||||||||||||||
2020 |
2,384,020 |
54.35 - 65.34 |
152,961,400 |
0.18 |
0.00 - 0.90 |
23.98 - 25.11 |
|||||||||||||||||||||||||
2019 |
2,525,813 |
43.83 - 52.23 |
129,615,154 |
0.24 |
0.00 - 0.90 |
28.52 - 29.68 |
|||||||||||||||||||||||||
BHFTII T. Rowe Price Large |
2023 |
1,986,016 |
49.00 - 86.46 |
142,074,519 |
|
0.00 - 0.90 |
45.50 - 46.81 |
||||||||||||||||||||||||
Cap Growth Division |
2022 |
2,094,521 |
33.68 - 58.89 |
101,829,196 |
|
0.00 - 0.90 |
(41.00) - (40.46) |
||||||||||||||||||||||||
2021 |
2,175,059 |
57.08 - 98.92 |
177,583,885 |
|
0.00 - 0.90 |
19.15 - 20.22 |
|||||||||||||||||||||||||
2020 |
2,266,675 |
47.91 - 82.28 |
154,221,627 |
0.23 |
0.00 - 0.90 |
35.72 - 36.95 |
|||||||||||||||||||||||||
2019 |
2,411,422 |
35.30 - 60.08 |
120,058,034 |
0.42 |
0.00 - 0.90 |
29.81 - 30.99 |
|||||||||||||||||||||||||
BHFTII T. Rowe Price Small |
2023 |
1,681,540 |
74.88 - 96.85 |
146,336,492 |
0.05 |
0.00 - 0.90 |
20.48 - 21.57 |
||||||||||||||||||||||||
Cap Growth Division |
2022 |
1,797,146 |
62.15 - 79.67 |
129,077,649 |
0.21 |
0.00 - 0.90 |
(22.85) - (22.15) |
||||||||||||||||||||||||
2021 |
1,894,093 |
80.56 - 102.35 |
175,366,399 |
0.03 |
0.00 - 0.90 |
10.67 - 11.67 |
|||||||||||||||||||||||||
2020 |
1,994,254 |
72.80 - 91.65 |
165,942,863 |
0.20 |
0.00 - 0.90 |
23.22 - 24.34 |
|||||||||||||||||||||||||
2019 |
2,156,978 |
59.08 - 73.71 |
145,221,926 |
0.05 |
0.00 - 0.90 |
31.97 - 33.16 |
|||||||||||||||||||||||||
BHFTII VanEck Global |
2023 |
2,584 |
177.21 |
457,893 |
2.87 |
0.00 |
(3.49) |
||||||||||||||||||||||||
Natural Resources Division |
2022 |
2,286 |
183.62 |
419,687 |
2.72 |
0.00 |
8.24 |
||||||||||||||||||||||||
2021 |
2,398 |
169.65 |
406,789 |
1.25 |
0.00 |
18.82 |
|||||||||||||||||||||||||
2020 |
2,444 |
142.77 |
348,927 |
1.38 |
0.00 |
21.58 |
|||||||||||||||||||||||||
2019 |
2,985 |
117.43 |
350,488 |
0.61 |
0.00 |
12.59 |
|||||||||||||||||||||||||
BHFTII Western Asset |
2023 |
1,361,096 |
12.51 - 53.43 |
46,427,186 |
6.55 |
0.00 - 0.90 |
8.46 - 9.44 |
||||||||||||||||||||||||
Management Strategic Bond |
2022 |
1,413,577 |
11.44 - 48.83 |
43,750,373 |
6.07 |
0.00 - 0.90 |
(17.40) - (16.66) |
||||||||||||||||||||||||
Opportunities Division |
2021 |
1,517,593 |
13.72 - 58.58 |
55,757,889 |
3.74 |
0.00 - 0.90 |
1.90 - 2.82 |
||||||||||||||||||||||||
2020 |
1,547,262 |
13.34 - 56.98 |
56,289,149 |
5.86 |
0.00 - 0.90 |
5.95 - 6.92 |
|||||||||||||||||||||||||
2019 |
1,645,761 |
12.48 - 53.29 |
56,510,228 |
4.91 |
0.00 - 0.90 |
13.46 - 14.49 |
|||||||||||||||||||||||||
BHFTII Western Asset |
2023 |
788,578 |
16.41 - 27.72 |
15,739,668 |
2.32 |
0.00 - 0.90 |
3.93 - 4.87 |
||||||||||||||||||||||||
Management U.S. Government |
2022 |
808,864 |
15.79 - 26.44 |
15,449,283 |
2.26 |
0.00 - 0.90 |
(9.82) - (9.01) |
||||||||||||||||||||||||
Division |
2021 |
904,209 |
17.51 - 29.05 |
19,505,610 |
2.65 |
0.00 - 0.90 |
(2.40) - (1.52) |
||||||||||||||||||||||||
2020 |
913,585 |
17.94 - 29.50 |
19,983,786 |
3.13 |
0.00 - 0.90 |
4.30 - 5.24 |
|||||||||||||||||||||||||
2019 |
803,446 |
17.20 - 28.03 |
16,117,304 |
2.72 |
0.00 - 0.90 |
5.08 - 6.03 |
|||||||||||||||||||||||||
Fidelity®​ VIP Asset |
2023 |
88,959 |
27.34 |
2,432,442 |
1.76 |
0.00 |
16.21 |
||||||||||||||||||||||||
Manager: Growth Division |
2022 |
90,405 |
23.53 |
2,127,215 |
1.73 |
0.00 |
(16.95) |
||||||||||||||||||||||||
2021 |
94,576 |
28.33 |
2,679,609 |
1.35 |
0.00 |
13.89 |
|||||||||||||||||||||||||
2020 |
98,498 |
24.88 |
2,450,438 |
1.06 |
0.00 |
17.15 |
|||||||||||||||||||||||||
2019 |
102,055 |
21.24 |
2,167,176 |
1.47 |
0.00 |
22.66 |
|||||||||||||||||||||||||
Fidelity®​ VIP Contrafund®​ |
2023 |
67,369 |
67.97 |
4,579,006 |
0.39 |
0.00 |
33.34 |
||||||||||||||||||||||||
Division |
2022 |
71,544 |
50.98 |
3,646,981 |
0.40 |
0.00 |
(26.38) |
||||||||||||||||||||||||
2021 |
75,799 |
69.24 |
5,248,539 |
0.05 |
0.00 |
27.71 |
|||||||||||||||||||||||||
2020 |
78,321 |
54.22 |
4,246,508 |
0.15 |
0.00 |
30.43 |
|||||||||||||||||||||||||
2019 |
77,171 |
41.57 |
3,207,960 |
0.33 |
0.00 |
31.45 |
UL-197
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
7. FINANCIAL HIGHLIGHTS (Continued)
As of December 31 |
For the year ended December 31 |
||||||||||||||||||||||||||||||
Units |
Unit Value |
Net |
Investment1​ |
Expense Ratio2​ |
Total Return3​ |
||||||||||||||||||||||||||
Fidelity®​ VIP |
2023 |
15,690 |
41.54 |
651,846 |
1.88 |
0.00 |
10.53 |
||||||||||||||||||||||||
Equity-Income Division |
2022 |
15,867 |
37.59 |
596,366 |
1.85 |
0.00 |
(5.09) |
||||||||||||||||||||||||
2021 |
15,981 |
39.60 |
632,837 |
2.19 |
0.00 |
24.83 |
|||||||||||||||||||||||||
2020 |
63 |
31.72 |
2,008 |
0.92 |
0.00 |
6.55 |
|||||||||||||||||||||||||
2019 |
5,962 |
29.77 |
177,511 |
2.33 |
0.00 |
27.32 |
|||||||||||||||||||||||||
Fidelity®​ VIP Freedom 2010 |
2023 |
7,667 |
20.69 |
158,655 |
3.97 |
0.00 |
9.48 |
||||||||||||||||||||||||
Division |
2022 |
7,961 |
18.90 |
150,487 |
2.17 |
0.00 |
(13.53) |
||||||||||||||||||||||||
2021 |
8,282 |
21.86 |
181,045 |
1.06 |
0.00 |
5.89 |
|||||||||||||||||||||||||
2020 |
8,277 |
20.64 |
170,874 |
1.18 |
0.00 |
12.49 |
|||||||||||||||||||||||||
2019 |
9,084 |
18.35 |
166,694 |
2.16 |
0.00 |
16.09 |
|||||||||||||||||||||||||
Fidelity®​ VIP Freedom 2020 |
2023 |
25,988 |
22.76 - 31.09 |
750,584 |
3.20 |
0.00 |
12.40 |
||||||||||||||||||||||||
Division |
2022 |
26,859 |
20.25 - 27.66 |
687,716 |
2.09 |
0.00 |
(15.69) |
||||||||||||||||||||||||
2021 |
26,866 |
24.02 - 32.80 |
818,332 |
1.13 |
0.00 |
9.47 |
|||||||||||||||||||||||||
2020 |
26,351 |
21.94 - 29.96 |
738,094 |
1.36 |
0.00 |
15.06 |
|||||||||||||||||||||||||
2019 |
26,304 |
19.07 - 26.04 |
642,648 |
2.16 |
0.00 |
20.13 |
|||||||||||||||||||||||||
Fidelity®​ VIP Freedom 2025 |
2023 |
19,704 |
34.12 |
672,306 |
2.85 |
0.00 |
13.62 |
||||||||||||||||||||||||
Division |
2022 |
19,371 |
30.03 |
581,732 |
2.05 |
0.00 |
(16.43) |
||||||||||||||||||||||||
2021 |
19,556 |
35.93 |
702,750 |
1.07 |
0.00 |
10.83 |
|||||||||||||||||||||||||
2020 |
19,701 |
32.42 |
638,749 |
1.26 |
0.00 |
15.95 |
|||||||||||||||||||||||||
2019 |
20,110 |
27.96 |
562,315 |
2.04 |
0.00 |
21.86 |
|||||||||||||||||||||||||
Fidelity®​ VIP Freedom 2030 |
2023 |
18,910 |
25.54 |
482,961 |
2.41 |
0.00 |
14.70 |
||||||||||||||||||||||||
Division |
2022 |
19,034 |
22.27 |
423,819 |
2.02 |
0.00 |
(16.87) |
||||||||||||||||||||||||
2021 |
16,595 |
26.79 |
444,513 |
0.95 |
0.00 |
12.37 |
|||||||||||||||||||||||||
2020 |
18,016 |
23.84 |
429,449 |
1.19 |
0.00 |
16.89 |
|||||||||||||||||||||||||
2019 |
18,205 |
20.39 |
371,247 |
2.18 |
0.00 |
24.43 |
|||||||||||||||||||||||||
Fidelity®​ VIP Freedom 2040 |
2023 |
15,806 |
33.05 |
522,329 |
1.61 |
0.00 |
18.93 |
||||||||||||||||||||||||
Division |
2022 |
16,792 |
27.79 |
466,605 |
1.70 |
0.00 |
(18.25) |
||||||||||||||||||||||||
2021 |
15,661 |
33.99 |
532,365 |
0.84 |
0.00 |
17.83 |
|||||||||||||||||||||||||
2020 |
17,068 |
28.85 |
492,365 |
1.08 |
0.00 |
19.28 |
|||||||||||||||||||||||||
2019 |
14,810 |
24.18 |
358,173 |
1.90 |
0.00 |
28.52 |
|||||||||||||||||||||||||
Fidelity®​ VIP Freedom 2050 |
2023 |
8,755 |
33.47 |
293,033 |
1.54 |
0.00 |
19.45 |
||||||||||||||||||||||||
Division |
2022 |
8,267 |
28.02 |
231,656 |
1.69 |
0.00 |
(18.22) |
||||||||||||||||||||||||
2021 |
7,764 |
34.27 |
266,057 |
0.82 |
0.00 |
17.83 |
|||||||||||||||||||||||||
2020 |
8,217 |
29.08 |
238,953 |
0.88 |
0.00 |
19.28 |
|||||||||||||||||||||||||
2019 |
10,458 |
24.38 |
254,982 |
1.79 |
0.00 |
28.51 |
|||||||||||||||||||||||||
Fidelity®​ VIP Government |
2023 |
332,124 |
19.54 |
6,488,430 |
4.79 |
0.00 |
4.89 |
||||||||||||||||||||||||
Money Market Division |
2022 |
329,555 |
18.62 |
6,137,917 |
1.44 |
0.00 |
1.44 |
||||||||||||||||||||||||
2021 |
299,668 |
18.36 |
5,502,191 |
0.01 |
0.00 |
0.01 |
|||||||||||||||||||||||||
2020 |
295,595 |
18.36 |
5,426,872 |
0.33 |
0.00 |
0.32 |
|||||||||||||||||||||||||
2019 |
226,282 |
18.30 |
4,141,088 |
1.94 |
0.00 |
2.02 |
|||||||||||||||||||||||||
Fidelity®​ VIP High Income |
2023 |
643 |
27.30 |
17,553 |
5.79 |
0.00 |
10.48 |
||||||||||||||||||||||||
Division |
2022 |
648 |
24.71 |
16,013 |
5.33 |
0.00 |
(11.37) |
||||||||||||||||||||||||
2021 |
600 |
27.88 |
16,716 |
3.05 |
0.00 |
4.41 |
|||||||||||||||||||||||||
2020 |
18,065 |
26.70 |
482,344 |
5.29 |
0.00 |
2.75 |
|||||||||||||||||||||||||
2019 |
16,565 |
25.99 |
430,482 |
5.33 |
0.00 |
15.11 |
UL-198
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
7. FINANCIAL HIGHLIGHTS (Continued)
As of December 31 |
For the year ended December 31 |
||||||||||||||||||||||||||||||
Units |
Unit Value |
Net |
Investment1​ |
Expense Ratio2​ |
Total Return3​ |
||||||||||||||||||||||||||
Fidelity®​ VIP Investment |
2023 |
53,502 |
19.33 |
1,034,160 |
2.56 |
0.00 |
6.12 |
||||||||||||||||||||||||
Grade Bond Division |
2022 |
52,411 |
18.21 |
954,633 |
2.27 |
0.00 |
(13.03) |
||||||||||||||||||||||||
2021 |
52,887 |
20.94 |
1,107,572 |
2.14 |
0.00 |
(0.72) |
|||||||||||||||||||||||||
2020 |
2,069 |
21.09 |
43,647 |
1.19 |
0.00 |
9.25 |
|||||||||||||||||||||||||
2019 |
29,736 |
19.31 |
574,150 |
2.44 |
0.00 |
9.58 |
|||||||||||||||||||||||||
Fidelity®​ VIP Mid Cap |
2023 |
4,145 |
81.60 |
338,290 |
0.39 |
0.00 |
14.80 |
||||||||||||||||||||||||
Division |
2022 |
4,224 |
71.08 |
300,286 |
0.27 |
0.00 |
(14.97) |
||||||||||||||||||||||||
2021 |
4,302 |
83.59 |
359,608 |
0.37 |
0.00 |
25.31 |
|||||||||||||||||||||||||
2020 |
4,575 |
66.71 |
305,209 |
0.42 |
0.00 |
17.87 |
|||||||||||||||||||||||||
2019 |
4,531 |
56.60 |
256,466 |
0.68 |
0.00 |
23.17 |
|||||||||||||||||||||||||
FTVIPT Franklin Income VIP |
2023 |
60 |
138.79 |
8,316 |
5.14 |
0.00 |
8.62 |
||||||||||||||||||||||||
Division |
2022 |
62 |
127.78 |
7,958 |
4.87 |
0.00 |
(5.47) |
||||||||||||||||||||||||
2021 |
69 |
135.18 |
9,324 |
4.43 |
0.00 |
16.75 |
|||||||||||||||||||||||||
2020 |
97 |
115.78 |
11,247 |
4.88 |
0.00 |
0.69 |
|||||||||||||||||||||||||
2019 |
154 |
114.98 |
17,748 |
5.42 |
0.00 |
16.06 |
|||||||||||||||||||||||||
FTVIPT Franklin Mutual |
2023 |
1,693 |
45.40 |
76,863 |
2.57 |
0.00 |
20.31 |
||||||||||||||||||||||||
Global Discovery VIP Division |
2022 |
2,647 |
37.74 |
99,897 |
1.42 |
0.00 |
(4.75) |
||||||||||||||||||||||||
2021 |
2,654 |
39.62 |
105,129 |
0.92 |
0.00 |
19.13 |
|||||||||||||||||||||||||
2020 |
21,114 |
33.26 |
702,191 |
2.51 |
0.00 |
(4.46) |
|||||||||||||||||||||||||
2019 |
19,409 |
34.81 |
675,612 |
1.69 |
0.00 |
24.37 |
|||||||||||||||||||||||||
FTVIPT Franklin Mutual |
2023 |
135 |
613.63 |
82,574 |
1.93 |
0.00 |
13.46 |
||||||||||||||||||||||||
Shares VIP Division |
2022 |
157 |
540.82 |
84,759 |
1.83 |
0.00 |
(7.43) |
||||||||||||||||||||||||
2021 |
172 |
584.23 |
100,390 |
2.89 |
0.00 |
19.17 |
|||||||||||||||||||||||||
2020 |
184 |
490.26 |
90,404 |
2.96 |
0.00 |
(5.04) |
|||||||||||||||||||||||||
2019 |
181 |
516.30 |
93,359 |
1.72 |
0.00 |
22.57 |
|||||||||||||||||||||||||
FTVIPT Templeton Foreign |
2023 |
254,082 |
25.26 |
6,418,651 |
3.35 |
0.00 |
21.09 |
||||||||||||||||||||||||
VIP Division |
2022 |
257,323 |
20.86 |
5,368,253 |
3.33 |
0.00 |
(7.39) |
||||||||||||||||||||||||
2021 |
259,626 |
22.53 |
5,848,247 |
2.01 |
0.00 |
4.44 |
|||||||||||||||||||||||||
2020 |
256,921 |
21.57 |
5,541,522 |
3.44 |
0.00 |
(0.92) |
|||||||||||||||||||||||||
2019 |
312,678 |
21.77 |
6,806,440 |
1.95 |
0.00 |
12.84 |
|||||||||||||||||||||||||
FTVIPT Templeton Global |
2023 |
45,321 |
23.29 |
1,055,509 |
|
0.00 |
3.19 |
||||||||||||||||||||||||
Bond VIP Division |
2022 |
45,539 |
22.57 |
1,027,769 |
|
0.00 |
(4.85) |
||||||||||||||||||||||||
2021 |
47,612 |
23.72 |
1,129,295 |
|
0.00 |
(4.62) |
|||||||||||||||||||||||||
2020 |
44,906 |
24.87 |
1,116,752 |
8.11 |
0.00 |
(5.07) |
|||||||||||||||||||||||||
2019 |
39,222 |
26.20 |
1,027,522 |
7.07 |
0.00 |
2.26 |
|||||||||||||||||||||||||
Goldman Sachs Small Cap |
2023 |
88 |
41.63 |
3,667 |
0.47 |
0.00 |
19.28 |
||||||||||||||||||||||||
Equity Insights Division |
2022 |
324 |
34.90 |
11,307 |
0.24 |
0.00 |
(19.38) |
||||||||||||||||||||||||
2021 |
528 |
43.29 |
22,845 |
0.42 |
0.00 |
23.79 |
|||||||||||||||||||||||||
2020 |
684 |
34.97 |
23,927 |
0.28 |
0.00 |
8.58 |
|||||||||||||||||||||||||
2019 |
236 |
32.21 |
7,614 |
0.47 |
0.00 |
24.84 |
|||||||||||||||||||||||||
Invesco V.I. Comstock |
2023 |
3,564 |
39.16 |
139,573 |
1.59 |
0.00 |
12.09 |
||||||||||||||||||||||||
Division |
2022 |
2,578 |
34.94 |
90,048 |
1.37 |
0.00 |
0.85 |
||||||||||||||||||||||||
2021 |
2,640 |
34.64 |
91,443 |
0.44 |
0.00 |
33.04 |
|||||||||||||||||||||||||
2020 |
29,639 |
26.04 |
771,760 |
2.33 |
0.00 |
(1.09) |
|||||||||||||||||||||||||
2019 |
24,325 |
26.33 |
640,358 |
1.81 |
0.00 |
24.94 |
UL-199
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
7. FINANCIAL HIGHLIGHTS (Continued)
As of December 31 |
For the year ended December 31 |
||||||||||||||||||||||||||||||
Units |
Unit Value |
Net |
Investment1​ |
Expense Ratio2​ |
Total Return3​ |
||||||||||||||||||||||||||
Invesco V.I. EQV |
2023 |
11,187 |
37.58 |
420,467 |
0.20 |
0.00 |
18.15 |
||||||||||||||||||||||||
International Equity Division |
2022 |
11,679 |
31.81 |
371,537 |
1.77 |
0.00 |
(18.31) |
||||||||||||||||||||||||
2021 |
12,554 |
38.94 |
488,869 |
1.32 |
0.00 |
5.89 |
|||||||||||||||||||||||||
2020 |
12,399 |
36.78 |
455,988 |
2.43 |
0.00 |
14.00 |
|||||||||||||||||||||||||
2019 |
12,475 |
32.26 |
402,441 |
1.57 |
0.00 |
28.57 |
|||||||||||||||||||||||||
Janus Henderson Balanced |
2023 |
34,180 |
46.99 |
1,606,109 |
1.75 |
0.00 |
15.13 |
||||||||||||||||||||||||
Division |
2022 |
37,368 |
40.81 |
1,525,114 |
1.09 |
0.00 |
(16.62) |
||||||||||||||||||||||||
2021 |
38,249 |
48.95 |
1,872,150 |
0.67 |
0.00 |
16.91 |
|||||||||||||||||||||||||
2020 |
39,040 |
41.87 |
1,634,516 |
1.50 |
0.00 |
14.03 |
|||||||||||||||||||||||||
2019 |
40,513 |
36.72 |
1,487,502 |
1.61 |
0.00 |
22.27 |
|||||||||||||||||||||||||
Janus Henderson Enterprise |
2023 |
4,407 |
53.62 |
236,316 |
0.10 |
0.00 |
17.78 |
||||||||||||||||||||||||
Division |
2022 |
4,125 |
45.53 |
187,818 |
0.08 |
0.00 |
(16.15) |
||||||||||||||||||||||||
2021 |
6,257 |
54.30 |
339,767 |
0.23 |
0.00 |
16.54 |
|||||||||||||||||||||||||
2020 |
7,377 |
46.59 |
343,695 |
|
0.00 |
19.18 |
|||||||||||||||||||||||||
2019 |
11,228 |
39.09 |
438,944 |
0.05 |
0.00 |
35.16 |
|||||||||||||||||||||||||
Janus Henderson Forty |
2023 |
8,219 |
88.29 |
725,663 |
0.13 |
0.00 |
39.65 |
||||||||||||||||||||||||
Division |
2022 |
8,333 |
63.22 |
526,836 |
0.05 |
0.00 |
(33.73) |
||||||||||||||||||||||||
2021 |
8,449 |
95.40 |
806,082 |
|
0.00 |
22.60 |
|||||||||||||||||||||||||
2020 |
8,558 |
77.81 |
665,970 |
0.16 |
0.00 |
39.03 |
|||||||||||||||||||||||||
2019 |
8,740 |
55.97 |
489,146 |
0.02 |
0.00 |
36.85 |
|||||||||||||||||||||||||
Janus Henderson Research |
2023 |
13,440 |
50.14 |
673,933 |
0.14 |
0.00 |
43.17 |
||||||||||||||||||||||||
Division |
2022 |
13,549 |
35.02 |
474,557 |
0.16 |
0.00 |
(29.89) |
||||||||||||||||||||||||
2021 |
13,656 |
49.96 |
682,223 |
0.10 |
0.00 |
20.33 |
|||||||||||||||||||||||||
2020 |
13,761 |
41.52 |
571,287 |
0.41 |
0.00 |
32.95 |
|||||||||||||||||||||||||
2019 |
14,173 |
31.23 |
442,566 |
0.46 |
0.00 |
35.52 |
|||||||||||||||||||||||||
MFS®​ VIT Global Equity |
2023 |
2,313 |
46.67 |
107,956 |
0.50 |
0.00 |
13.88 |
||||||||||||||||||||||||
Division |
2022 |
3,328 |
40.98 |
136,399 |
0.22 |
0.00 |
(17.94) |
||||||||||||||||||||||||
2021 |
3,295 |
49.94 |
164,570 |
0.46 |
0.00 |
16.88 |
|||||||||||||||||||||||||
2020 |
3,248 |
42.73 |
138,775 |
0.98 |
0.00 |
13.04 |
|||||||||||||||||||||||||
2019 |
3,332 |
37.80 |
125,958 |
0.75 |
0.00 |
30.20 |
|||||||||||||||||||||||||
MFS®​ VIT New Discovery |
2023 |
429 |
53.91 |
23,115 |
|
0.00 |
14.25 |
||||||||||||||||||||||||
Division |
2022 |
456 |
47.19 |
21,512 |
|
0.00 |
(29.99) |
||||||||||||||||||||||||
2021 |
490 |
67.41 |
33,044 |
|
0.00 |
1.57 |
|||||||||||||||||||||||||
2020 |
518 |
66.36 |
34,362 |
|
0.00 |
45.58 |
|||||||||||||||||||||||||
2019 |
545 |
45.58 |
24,852 |
|
0.00 |
41.27 |
|||||||||||||||||||||||||
MFS®​ VIT II High Yield |
2023 |
6,474 |
26.30 |
170,285 |
5.56 |
0.00 |
12.48 |
||||||||||||||||||||||||
Division |
2022 |
6,622 |
23.38 |
154,850 |
5.36 |
0.00 |
(10.78) |
||||||||||||||||||||||||
2021 |
6,753 |
26.21 |
176,988 |
4.76 |
0.00 |
3.08 |
|||||||||||||||||||||||||
2020 |
6,846 |
25.43 |
174,064 |
5.42 |
0.00 |
4.85 |
|||||||||||||||||||||||||
2019 |
6,970 |
24.25 |
169,033 |
5.50 |
0.00 |
14.44 |
|||||||||||||||||||||||||
Morgan Stanley VIF Emerging |
2023 |
12,636 |
40.26 |
508,762 |
8.64 |
0.00 |
11.84 |
||||||||||||||||||||||||
Markets Debt Division |
2022 |
14,228 |
36.00 |
512,206 |
7.52 |
0.00 |
(18.74) |
||||||||||||||||||||||||
2021 |
14,560 |
44.30 |
645,014 |
5.45 |
0.00 |
(2.02) |
|||||||||||||||||||||||||
2020 |
14,886 |
45.22 |
673,108 |
4.03 |
0.00 |
5.55 |
|||||||||||||||||||||||||
2019 |
22,801 |
42.84 |
976,803 |
5.34 |
0.00 |
14.25 |
UL-200
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
7. FINANCIAL HIGHLIGHTS (Continued)
As of December 31 |
For the year ended December 31 |
||||||||||||||||||||||||||||||
Units |
Unit Value |
Net |
Investment1​ |
Expense Ratio2​ |
Total Return3​ |
||||||||||||||||||||||||||
Morgan Stanley VIF Emerging |
2023 |
255,374 |
17.69 |
4,518,054 |
1.62 |
0.00 |
11.97 |
||||||||||||||||||||||||
Markets Equity Division |
2022 |
257,698 |
15.80 |
4,071,650 |
0.43 |
0.00 |
(25.08) |
||||||||||||||||||||||||
2021 |
265,836 |
21.09 |
5,606,474 |
0.85 |
0.00 |
2.99 |
|||||||||||||||||||||||||
2020 |
219,797 |
20.48 |
4,501,048 |
1.28 |
0.00 |
14.44 |
|||||||||||||||||||||||||
2019 |
239,727 |
17.89 |
4,289,769 |
1.11 |
0.00 |
19.59 |
|||||||||||||||||||||||||
PIMCO VIT All Asset Division |
2023 |
1,433 |
19.03 |
27,264 |
2.99 |
0.00 |
8.14 |
||||||||||||||||||||||||
2022 |
1,447 |
17.60 |
25,461 |
7.77 |
0.00 |
(11.84) |
|||||||||||||||||||||||||
2021 |
1,456 |
19.96 |
29,056 |
11.10 |
0.00 |
16.23 |
|||||||||||||||||||||||||
2020 |
1,453 |
17.17 |
24,946 |
5.37 |
0.00 |
8.01 |
|||||||||||||||||||||||||
2019 |
5,679 |
15.90 |
90,296 |
3.42 |
0.00 |
11.90 |
|||||||||||||||||||||||||
PIMCO VIT |
2023 |
1,479 |
11.14 |
16,485 |
16.48 |
0.00 |
(7.85) |
||||||||||||||||||||||||
CommodityRealReturn®​ |
2022 |
3,302 |
12.09 |
39,938 |
21.02 |
0.00 |
8.61 |
||||||||||||||||||||||||
Strategy Division |
2021 |
3,598 |
11.13 |
40,065 |
4.21 |
0.00 |
33.34 |
||||||||||||||||||||||||
2020 |
4,019 |
8.35 |
33,556 |
6.78 |
0.00 |
1.35 |
|||||||||||||||||||||||||
2019 |
2,908 |
8.24 |
23,957 |
4.48 |
0.00 |
11.43 |
|||||||||||||||||||||||||
PIMCO VIT Low Duration |
2023 |
58,814 |
13.64 |
801,932 |
3.60 |
0.00 |
4.97 |
||||||||||||||||||||||||
Division |
2022 |
60,136 |
12.99 |
781,114 |
1.68 |
0.00 |
(5.74) |
||||||||||||||||||||||||
2021 |
61,311 |
13.78 |
844,879 |
0.52 |
0.00 |
(0.93) |
|||||||||||||||||||||||||
2020 |
62,169 |
13.91 |
864,722 |
1.20 |
0.00 |
2.99 |
|||||||||||||||||||||||||
2019 |
66,507 |
13.51 |
898,208 |
2.77 |
0.00 |
4.03 |
|||||||||||||||||||||||||
Pioneer Mid Cap Value VCT |
2023 |
173 |
125.10 |
21,696 |
1.95 |
0.00 |
12.46 |
||||||||||||||||||||||||
Division |
2022 |
171 |
111.24 |
19,005 |
2.08 |
0.00 |
(5.64) |
||||||||||||||||||||||||
2021 |
168 |
117.89 |
19,747 |
0.95 |
0.00 |
29.67 |
|||||||||||||||||||||||||
2020 |
163 |
90.92 |
14,788 |
1.28 |
0.00 |
2.14 |
|||||||||||||||||||||||||
2019 |
139 |
89.01 |
12,380 |
|
0.00 |
28.44 |
|||||||||||||||||||||||||
Royce Micro-Cap Division |
2023 |
477 |
35.56 |
16,974 |
|
0.00 |
18.78 |
||||||||||||||||||||||||
2022 |
482 |
29.94 |
14,424 |
|
0.00 |
(22.43) |
|||||||||||||||||||||||||
2021 |
486 |
38.60 |
18,767 |
|
0.00 |
29.98 |
|||||||||||||||||||||||||
2020 |
491 |
29.70 |
14,566 |
|
0.00 |
23.79 |
|||||||||||||||||||||||||
2019 |
495 |
23.99 |
11,867 |
|
0.00 |
19.55 |
|||||||||||||||||||||||||
Royce Small-Cap Division |
2023 |
479 |
37.93 |
18,180 |
0.87 |
0.00 |
25.93 |
||||||||||||||||||||||||
2022 |
512 |
30.12 |
15,423 |
0.39 |
0.00 |
(9.20) |
|||||||||||||||||||||||||
2021 |
534 |
33.17 |
17,727 |
1.43 |
0.00 |
28.82 |
|||||||||||||||||||||||||
2020 |
549 |
25.75 |
14,133 |
1.06 |
0.00 |
(7.15) |
|||||||||||||||||||||||||
2019 |
557 |
27.74 |
15,444 |
0.68 |
0.00 |
18.67 |
1 These amounts represent the dividends, excluding distributions of capital gains, received by the Division from the underlying fund, portfolio, or series, net of management fees assessed by the fund manager, divided by the average net assets, regardless of share class, if any. These ratios exclude those expenses, such as mortality and expense risk charges, that are assessed against Policy owner accounts either through reductions in the unit values or the redemption of units. The investment income ratio is calculated for each period indicated or from the effective date through the end of the reporting period. The recognition of investment income by the Division is affected by the timing of the declaration of dividends by the underlying fund, portfolio, or series, in which the Division invests. The investment income ratio is calculated as a weighted average ratio since the Division may invest in two or more share classes, if any, within the underlying fund, portfolio, or series of the Trusts which may have unique investment income ratios.
2 These amounts represent annualized Policy expenses of each of the applicable Divisions, consisting primarily of mortality and expense risk charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to Policy owner accounts through the redemption of units and expenses of the underlying fund, portfolio, or series have been excluded.
UL-201
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Concluded)
7. FINANCIAL HIGHLIGHTS (Concluded)
3 These amounts represent the total return for the period indicated, including changes in the value of the underlying fund, portfolio, or series, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. The total return is calculated for each period indicated or from the effective date through the end of the reporting period. The total return is presented as a range of minimum to maximum returns, based on the minimum and maximum returns within each product grouping of the applicable Division.
4 Due to system limitations, the Units Outstanding for this fund were increased and accordingly the Unit Values decreased during the year ended December 31, 2023. There was no impact to the net assets of the division.
UL-202
Page | |||||
Report
of Independent Registered Public Accounting Firm
(PCAOB ID 34) |
MLIC
- 2 | ||||
Financial
Statements at December 31, 2023 and 2022 and for the Years Ended December 31, 2023, 2022 and 2021: |
|||||
MLIC
- 5 | |||||
MLIC
- 6 | |||||
MLIC
- 7 | |||||
MLIC
- 8 | |||||
MLIC
- 9 | |||||
MLIC
- 11 | |||||
MLIC
- 11 | |||||
MLIC
- 37 | |||||
MLIC
- 42 | |||||
MLIC
- 56 | |||||
MLIC
- 64 | |||||
MLIC
- 68 | |||||
MLIC
- 72 | |||||
MLIC
- 74 | |||||
MLIC
- 80 | |||||
MLIC
- 82 | |||||
MLIC
- 100 | |||||
MLIC
- 114 | |||||
MLIC
- 128 | |||||
MLIC
- 129 | |||||
MLIC
- 130 | |||||
MLIC
- 134 | |||||
MLIC
- 135 | |||||
MLIC
- 138 | |||||
MLIC
- 141 | |||||
MLIC
- 145 | |||||
MLIC
- 145 | |||||
Financial
Statement Schedules at December 31, 2023 and 2022 and for the Years Ended December 31, 2023, 2022 and 2021: |
|||||
MLIC
- 146 | |||||
MLIC
- 147 | |||||
MLIC
- 149 |
2023 | 2022 | |||||||||||||
Assets | ||||||||||||||
Investments: | ||||||||||||||
Fixed
maturity securities available-for-sale, at estimated fair value (net of allowance for credit loss of $132 and $114, respectively); and
amortized cost: $152,080 and $160,477, respectively |
$ | 142,805 | $ | 145,576 | ||||||||||
Mortgage
loans (net of allowance for credit loss of $509 and $448, respectively; includes $166 and $144, respectively, relating to variable interest
entities) |
62,584 | 62,570 | ||||||||||||
Policy loans | 5,671 | 5,729 | ||||||||||||
Real
estate and real estate joint ventures (includes $1,427 and $1,358, respectively, relating to variable interest entities, $317 and $299,
respectively, under the fair value option) |
8,690 | 8,416 | ||||||||||||
Other limited partnership interests | 7,765 | 7,887 | ||||||||||||
Short-term investments, at estimated fair value | 3,048 | 2,759 | ||||||||||||
Other
invested assets (net of allowance for credit loss of $14 and $19, respectively; includes $805 and $858, respectively, of leveraged and
direct financing leases; $117 and $161, respectively, relating to variable interest entities) |
17,040 | 19,148 | ||||||||||||
Total investments | 247,603 | 252,085 | ||||||||||||
Cash and cash equivalents, principally at estimated fair value | 6,795 | 9,405 | ||||||||||||
Accrued investment income | 2,026 | 1,949 | ||||||||||||
Premiums, reinsurance and other receivables | 28,236 | 20,791 | ||||||||||||
Market risk benefits, at estimated fair value | 177 | 174 | ||||||||||||
Deferred policy acquisition costs and value of business acquired | 3,305 | 3,757 | ||||||||||||
Current income tax recoverable | 112 | 165 | ||||||||||||
Deferred income tax asset | 2,922 | 2,920 | ||||||||||||
Other assets | 4,312 | 4,352 | ||||||||||||
Separate account assets | 83,197 | 89,241 | ||||||||||||
Total assets | $ | 378,685 | $ | 384,839 | ||||||||||
Liabilities and Equity | ||||||||||||||
Liabilities | ||||||||||||||
Future policy benefits | $ | 129,182 | $ | 126,914 | ||||||||||
Policyholder account balances | 103,894 | 103,407 | ||||||||||||
Market risk benefits, at estimated fair value | 2,878 | 3,270 | ||||||||||||
Other policy-related balances | 8,289 | 7,931 | ||||||||||||
Policyholder dividends payable | 233 | 240 | ||||||||||||
Payables for collateral under securities loaned and other transactions | 11,790 | 14,171 | ||||||||||||
Short-term debt | — | 99 | ||||||||||||
Long-term debt | 1,887 | 1,676 | ||||||||||||
Other liabilities | 23,719 | 24,495 | ||||||||||||
Separate account liabilities | 83,197 | 89,241 | ||||||||||||
Total liabilities | 365,069 | 371,444 | ||||||||||||
Contingencies, Commitments and Guarantees (Note 19) | ||||||||||||||
Equity | ||||||||||||||
Metropolitan Life Insurance Company stockholder’s equity: | ||||||||||||||
Common
stock, par value $0.01 per share; 1,000,000,000 shares authorized; 494,466,664 shares issued and outstanding |
5 | 5 | ||||||||||||
Additional paid-in capital | 12,475 | 12,476 | ||||||||||||
Retained earnings | 7,645 | 9,022 | ||||||||||||
Accumulated other comprehensive income (loss) | (6,872) | (8,320) | ||||||||||||
Total Metropolitan Life Insurance Company stockholder’s equity | 13,253 | 13,183 | ||||||||||||
Noncontrolling interests | 363 | 212 | ||||||||||||
Total equity | 13,616 | 13,395 | ||||||||||||
Total liabilities and equity | $ | 378,685 | $ | 384,839 |
2023 | 2022 | 2021 | |||||||||||||||
Revenues | |||||||||||||||||
Premiums | $ | 24,718 | $ | 31,189 | $ | 26,188 | |||||||||||
Universal
life and investment-type product policy fees |
1,664 | 1,817 | 1,874 | ||||||||||||||
Net
investment income |
11,206 | 10,122 | 12,486 | ||||||||||||||
Other
revenues |
1,673 | 1,694 | 1,616 | ||||||||||||||
Net
investment gains (losses) |
(1,375) | (127) | 652 | ||||||||||||||
Net
derivative gains (losses) |
(1,537) | 752 | (1,629) | ||||||||||||||
Total
revenues |
36,349 | 45,447 | 41,187 | ||||||||||||||
Expenses | |||||||||||||||||
Policyholder
benefits and claims |
26,150 | 33,133 | 29,084 | ||||||||||||||
Policyholder liability remeasurement (gains) losses | (150) | (11) | — | ||||||||||||||
Market
risk benefit remeasurement (gains) losses |
(703) | (3,379) | (758) | ||||||||||||||
Interest
credited to policyholder account balances |
3,602 | 2,509 | 2,185 | ||||||||||||||
Policyholder
dividends |
470 | 563 | 732 | ||||||||||||||
Other
expenses |
5,785 | 5,703 | 5,700 | ||||||||||||||
Total
expenses |
35,154 | 38,518 | 36,943 | ||||||||||||||
Income
(loss) before provision for income tax |
1,195 | 6,929 | 4,244 | ||||||||||||||
Provision
for income tax expense (benefit) |
60 | 1,273 | 529 | ||||||||||||||
Net
income (loss) |
1,135 | 5,656 | 3,715 | ||||||||||||||
Less:
Net income (loss) attributable to noncontrolling interests |
41 | 28 | 5 | ||||||||||||||
Net
income (loss) attributable to Metropolitan Life Insurance Company |
$ | 1,094 | $ | 5,628 | $ | 3,710 |
2023 | 2022 | 2021 | ||||||||||||||||||
Net
income (loss) |
$ | 1,135 | $ | 5,656 | $ | 3,715 | ||||||||||||||
Other
comprehensive income (loss): |
||||||||||||||||||||
Unrealized
investment gains (losses), net of related offsets |
5,841 | (30,335) | (5,341) | |||||||||||||||||
Deferred gains (losses) on derivatives | (1,078) | (399) | 111 | |||||||||||||||||
Future policy benefits discount rate remeasurement gains (losses) | (2,957) | 21,623 | 5,118 | |||||||||||||||||
Market
risk benefit instrument-specific credit risk remeasurement gains (losses) |
(59) | (236) | 311 | |||||||||||||||||
Foreign
currency translation adjustments |
56 | (177) | 9 | |||||||||||||||||
Defined
benefit plans adjustment |
(34) | 325 | 82 | |||||||||||||||||
Other
comprehensive income (loss), before income tax |
1,769 | (9,199) | 290 | |||||||||||||||||
Income
tax (expense) benefit related to items of other comprehensive income (loss) |
(321) | 1,934 | (20) | |||||||||||||||||
Other
comprehensive income (loss), net of income tax |
1,448 | (7,265) | 270 | |||||||||||||||||
Comprehensive
income (loss) |
2,583 | (1,609) | 3,985 | |||||||||||||||||
Less:
Comprehensive income (loss) attributable to noncontrolling interest, net of income tax |
41 | 28 | 5 | |||||||||||||||||
Comprehensive
income (loss) attributable to Metropolitan Life Insurance Company |
$ | 2,542 | $ | (1,637) | $ | 3,980 |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Total Metropolitan Life Insurance Company Stockholder’s Equity |
Noncontrolling Interests |
Total Equity | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 5 | $ | 12,460 | $ | 10,548 | $ | 11,662 | $ | 34,675 | $ | 183 | $ | 34,858 | |||||||||||||||||||||||||||
Cumulative effects of changes in accounting principles, net of income tax | (3,932) | (12,987) | (16,919) | (16,919) | |||||||||||||||||||||||||||||||||||||
Capital
contributions from MetLife, Inc. |
4 | 4 | 4 | ||||||||||||||||||||||||||||||||||||||
Dividends
to MetLife, Inc. |
(3,393) | (3,393) | (3,393) | ||||||||||||||||||||||||||||||||||||||
Change
in equity of noncontrolling interests |
— | (14) | (14) | ||||||||||||||||||||||||||||||||||||||
Net
income (loss) |
3,710 | 3,710 | 5 | 3,715 | |||||||||||||||||||||||||||||||||||||
Other
comprehensive income (loss), net of
income
tax |
270 | 270 | 270 | ||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 5 | 12,464 | 6,933 | (1,055) | 18,347 | 174 | 18,521 | ||||||||||||||||||||||||||||||||||
Capital contributions from MetLife, Inc. | 12 | 12 | 12 | ||||||||||||||||||||||||||||||||||||||
Dividends
to MetLife, Inc. |
(3,539) | (3,539) | (3,539) | ||||||||||||||||||||||||||||||||||||||
Change
in equity of noncontrolling interests |
— | 10 | 10 | ||||||||||||||||||||||||||||||||||||||
Net
income (loss) |
5,628 | 5,628 | 28 | 5,656 | |||||||||||||||||||||||||||||||||||||
Other
comprehensive income (loss), net of
income
tax |
(7,265) | (7,265) | (7,265) | ||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | 5 | 12,476 | 9,022 | (8,320) | 13,183 | 212 | 13,395 | ||||||||||||||||||||||||||||||||||
Returns
of capital |
(1) | (1) | (1) | ||||||||||||||||||||||||||||||||||||||
Dividends
to MetLife, Inc. |
(2,471) | (2,471) | (2,471) | ||||||||||||||||||||||||||||||||||||||
Change
in equity of noncontrolling interests |
— | 110 | 110 | ||||||||||||||||||||||||||||||||||||||
Net
income (loss) |
1,094 | 1,094 | 41 | 1,135 | |||||||||||||||||||||||||||||||||||||
Other
comprehensive income (loss), net of
income
tax |
1,448 | 1,448 | 1,448 | ||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2023 | $ | 5 | $ | 12,475 | $ | 7,645 | $ | (6,872) | $ | 13,253 | $ | 363 | $ | 13,616 |
2023 | 2022 | 2021 | |||||||||||||||
Cash flows from operating activities | |||||||||||||||||
Net income (loss) | $ | 1,135 | $ | 5,656 | $ | 3,715 | |||||||||||
Adjustments
to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|||||||||||||||||
Depreciation
and amortization expenses |
124 | 127 | 136 | ||||||||||||||
Amortization
of premiums and accretion of discounts associated with investments, net |
(858) | (595) | (656) | ||||||||||||||
(Gains)
losses on investments and from sales of businesses, net |
1,353 | 127 | (652) | ||||||||||||||
(Gains)
losses on derivatives, net |
2,461 | 935 | 2,712 | ||||||||||||||
(Income)
loss from equity method investments, net of dividends or distributions |
1,098 | 890 | (1,873) | ||||||||||||||
Interest
credited to policyholder account balances |
3,623 | 2,293 | 2,104 | ||||||||||||||
Universal
life and investment-type product policy fees |
(1,175) | (1,163) | (1,091) | ||||||||||||||
Change
in fair value option and trading securities |
39 | 123 | (125) | ||||||||||||||
Change
in accrued investment income |
(146) | (230) | 69 | ||||||||||||||
Change
in premiums, reinsurance and other receivables |
(992) | 215 | 590 | ||||||||||||||
Change in market risk benefits | (455) | (3,141) | (476) | ||||||||||||||
Change
in deferred policy acquisition costs and value of business acquired, net |
452 | 108 | 278 | ||||||||||||||
Change
in income tax |
(267) | 853 | 4 | ||||||||||||||
Change
in other assets |
(77) | 187 | (303) | ||||||||||||||
Change
in insurance-related liabilities and policy-related balances |
(1,546) | (1,330) | (257) | ||||||||||||||
Change
in other liabilities |
84 | (63) | (372) | ||||||||||||||
Other,
net |
(18) | 148 | (74) | ||||||||||||||
Net cash provided by (used in) operating activities | 4,835 | 5,140 | 3,729 | ||||||||||||||
Cash flows from investing activities | |||||||||||||||||
Sales, maturities and repayments of: | |||||||||||||||||
Fixed
maturity securities available-for-sale |
30,090 | 54,515 | 51,010 | ||||||||||||||
Equity
securities |
104 | 213 | 565 | ||||||||||||||
Mortgage
loans |
6,129 | 8,912 | 16,790 | ||||||||||||||
Real
estate and real estate joint ventures |
354 | 925 | 1,329 | ||||||||||||||
Other
limited partnership interests |
415 | 992 | 541 | ||||||||||||||
Short-term investments | 7,271 | 8,914 | 10,309 | ||||||||||||||
Purchases and originations of: | |||||||||||||||||
Fixed
maturity securities available-for-sale |
(27,700) | (49,620) | (52,513) | ||||||||||||||
Equity
securities |
(162) | (127) | (48) | ||||||||||||||
Mortgage
loans |
(6,087) | (12,083) | (10,502) | ||||||||||||||
Real
estate and real estate joint ventures |
(931) | (589) | (1,042) | ||||||||||||||
Other
limited partnership interests |
(715) | (1,036) | (1,896) | ||||||||||||||
Short-term investments | (7,438) | (6,727) | (12,604) | ||||||||||||||
Cash received in connection with freestanding derivatives | 1,628 | 2,967 | 1,720 | ||||||||||||||
Cash paid in connection with freestanding derivatives | (2,998) | (3,971) | (5,181) | ||||||||||||||
Cash received from the redemption of an investment in affiliated preferred stock | — | — | 315 | ||||||||||||||
Receipts on loans to affiliates | 100 | — | 87 | ||||||||||||||
Purchases of loans to affiliates | — | (19) | (15) | ||||||||||||||
Net change in policy loans | 58 | 87 | 157 | ||||||||||||||
Net change in other invested assets | 6 | 114 | 74 | ||||||||||||||
Net change in property, equipment and leasehold improvements | 2 | 12 | 15 | ||||||||||||||
Other, net | 41 | 19 | 14 | ||||||||||||||
Net cash provided by (used in) investing activities | $ | 167 | $ | 3,498 | $ | (875) |
2023 | 2022 | 2021 | |||||||||||||||
Cash
flows from financing activities |
|||||||||||||||||
Policyholder
account balances: |
|||||||||||||||||
Deposits |
$ | 69,794 | $ | 85,285 | $ | 78,129 | |||||||||||
Withdrawals |
(72,788) | (80,492) | (80,850) | ||||||||||||||
Net
change in payables for collateral under securities loaned and other transactions |
(2,381) | (10,695) | 1,744 | ||||||||||||||
Long-term
debt issued |
210 | 64 | 35 | ||||||||||||||
Long-term
debt repaid |
— | (57) | (26) | ||||||||||||||
Derivatives
with certain financing elements and other derivative related transactions, net |
24 | 308 | 173 | ||||||||||||||
Dividends
paid to MetLife, Inc. |
(2,471) | (3,539) | (3,393) | ||||||||||||||
Other,
net |
(2) | (57) | (42) | ||||||||||||||
Net
cash provided by (used in) financing activities |
(7,614) | (9,183) | (4,230) | ||||||||||||||
Effect of change in foreign currency exchange rates on cash and cash equivalents balances | 2 | (7) | (4) | ||||||||||||||
Change
in cash and cash equivalents |
(2,610) | (552) | (1,380) | ||||||||||||||
Cash
and cash equivalents, beginning of year |
9,405 | 9,957 | 11,337 | ||||||||||||||
Cash
and cash equivalents, end of year |
$ | 6,795 | $ | 9,405 | $ | 9,957 | |||||||||||
Supplemental
disclosures of cash flow information |
|||||||||||||||||
Net
cash paid (received) for: |
|||||||||||||||||
Interest | $ | 131 | $ | 102 | $ | 95 | |||||||||||
Income tax | $ | 374 | $ | 344 | $ | 388 | |||||||||||
Non-cash transactions: | |||||||||||||||||
Fixed maturity securities available-for-sale disposed of in connection with a reinsurance transaction | $ | 6,527 | $ | — | $ | — | |||||||||||
Fixed maturity securities available-for-sale received in connection with pension risk transfer transactions | $ | 1,113 | $ | 7,450 | $ | — | |||||||||||
Fixed maturity securities available-for-sale received from an affiliate | $ | 502 | $ | 139 | $ | — | |||||||||||
Policyholder account balances received in connection with affiliated reinsurance transactions | $ | 502 | $ | — | $ | — | |||||||||||
Mortgage loans disposed of in connection with a reinsurance transaction | $ | 110 | $ | — | $ | — | |||||||||||
Equity securities received due to in-kind distributions from other limited partnership interests | $ | 64 | $ | 84 | $ | 337 | |||||||||||
Real estate and real estate joint ventures acquired in satisfaction of debt | $ | 34 | $ | 313 | $ | 174 | |||||||||||
Fixed maturity securities available-for-sale transferred to an affiliate | $ | — | $ | 328 | $ | — | |||||||||||
Fair
value option securities received from an affiliate |
$ | — | $ | 186 | $ | — | |||||||||||
Real estate and real estate joint ventures received from an affiliate | $ | — | $ | 144 | $ | — | |||||||||||
Real estate and real estate joint ventures transferred to an affiliate | $ | — | $ | 144 | $ | — | |||||||||||
Other invested assets received in connection with an affiliated reinsurance transaction | $ | — | $ | — | $ | 3,140 | |||||||||||
Accounting
Policy |
Note | ||||
Future
Policy Benefit Liabilities |
3 | ||||
Policyholder
Account Balances |
4 | ||||
Market
Risk Benefits |
5 | ||||
Deferred
Policy Acquisition Costs, Value of Business Acquired, Unearned Revenue and Other Intangibles |
7 | ||||
Reinsurance | 8 | ||||
Investments | 10 | ||||
Derivatives | 11 | ||||
Fair Value | 12 | ||||
Employee Benefit Plans | 17 | ||||
Income Tax | 18 | ||||
Litigation Contingencies | 19 |
Statement of Operations Presentation: | Derivative: | |||||||
Net investment income | • | Economic hedges of equity method investments in joint ventures | ||||||
• |
Economic
hedges of FVO securities which are linked to equity indices |
Premiums, Reinsurance and Other Receivables | Deferred Policy Acquisition Costs and Value of Business Acquired | Deferred Tax Asset | Other
Assets |
Future Policy Benefits | Policyholder Account Balances | Market Risk Benefit Liabilities | Deferred Income Tax Liability | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances as reported, December 31, 2020 | $ | 21,478 | $ | 2,649 | $ | — | $ | 4,276 | $ | 133,921 | $ | 96,635 | $ | — | $ | 1,980 | $ | 10,548 | $ | 11,662 | ||||||||||||||||||||||||||||||||||||||||||
Reclassification
of carrying amounts of contracts and contract features that are market risk benefits |
(59) | — | — | — | (1,447) | (495) | 1,883 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments
for the difference between previous carrying amounts and fair value measurements for market risk benefits |
— | — | — | — | — | — | 4,906 | (1,030) | (3,897) | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Removal of related amounts in accumulated other comprehensive income | — | 1,482 | — | 29 | (6,835) | — | — | 1,751 | — | 6,595 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach | 32 | — | — | — | 89 | — | — | (12) | (45) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate | 403 | — | — | — | 25,208 | — | — | (5,209) | — | (19,596) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments for the cumulative effect of adoption on additional insurance assets and liabilities | 29 | — | — | — | 36 | — | — | — | — | (7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard | 2 | 12 | 2,518 | — | (4,794) | 4,794 | — | 2,520 | 10 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances as adjusted, January 1, 2021 | $ | 21,885 | $ | 4,143 | $ | 2,518 | $ | 4,305 | $ | 146,178 | $ | 100,934 | $ | 6,789 | $ | — | $ | 6,616 | $ | (1,325) |
December 31, 2022 | ||||||||||||||||||||
As Previously Reported | Adoption Adjustment |
Post Adoption | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Premiums, reinsurance and other receivables | $ | 20,704 | $ | 87 | $ | 20,791 | ||||||||||||||
Market risk benefits | $ | — | $ | 174 | $ | 174 | ||||||||||||||
Deferred policy acquisition costs and value of business acquired | $ | 5,263 | $ | (1,506) | $ | 3,757 | ||||||||||||||
Deferred income tax asset | $ | 2,661 | $ | 259 | $ | 2,920 | ||||||||||||||
Other assets | $ | 4,367 | $ | (15) | $ | 4,352 | ||||||||||||||
Total assets | $ | 385,840 | $ | (1,001) | $ | 384,839 | ||||||||||||||
Liabilities | ||||||||||||||||||||
Future policy benefits | $ | 133,725 | $ | (6,811) | $ | 126,914 | ||||||||||||||
Policyholder account balances | $ | 99,967 | $ | 3,440 | $ | 103,407 | ||||||||||||||
Market risk benefits | $ | — | $ | 3,270 | $ | 3,270 | ||||||||||||||
Other policy-related balances | $ | 7,863 | $ | 68 | $ | 7,931 | ||||||||||||||
Other liabilities | $ | 24,489 | $ | 6 | $ | 24,495 | ||||||||||||||
Total liabilities | $ | 371,471 | $ | (27) | $ | 371,444 | ||||||||||||||
Equity | ||||||||||||||||||||
Retained earnings | $ | 10,572 | $ | (1,550) | $ | 9,022 | ||||||||||||||
Accumulated other comprehensive income (loss) | $ | (8,896) | $ | 576 | $ | (8,320) | ||||||||||||||
Total Metropolitan Life Insurance Company stockholder’s equity | $ | 14,157 | $ | (974) | $ | 13,183 | ||||||||||||||
Total equity | $ | 14,369 | $ | (974) | $ | 13,395 | ||||||||||||||
Total liabilities and equity | $ | 385,840 | $ | (1,001) | $ | 384,839 |
December 31, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||
As Previously Reported | Adoption Adjustment |
Post Adoption |
As Previously Reported | Adoption Adjustment |
Post Adoption | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||
Premiums | $ | 31,198 | $ | (9) | $ | 31,189 | $ | 26,191 | $ | (3) | $ | 26,188 | ||||||||||||||||||||||||||
Universal life and investment-type product policy fees | $ | 1,997 | $ | (180) | $ | 1,817 | $ | 2,062 | $ | (188) | $ | 1,874 | ||||||||||||||||||||||||||
Other revenues | $ | 1,698 | $ | (4) | $ | 1,694 | $ | 1,616 | $ | — | $ | 1,616 | ||||||||||||||||||||||||||
Net derivative gains (losses) | $ | 472 | $ | 280 | $ | 752 | $ | (964) | $ | (665) | $ | (1,629) | ||||||||||||||||||||||||||
Total revenues | $ | 45,360 | $ | 87 | $ | 45,447 | $ | 42,043 | $ | (856) | $ | 41,187 | ||||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||||||||
Policyholder benefits and claims | $ | 32,954 | $ | 179 | $ | 33,133 | $ | 29,423 | $ | (339) | $ | 29,084 | ||||||||||||||||||||||||||
Policyholder liability remeasurement (gains) losses | $ | — | $ | (11) | $ | (11) | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Market risk benefits remeasurement (gains) losses | $ | — | $ | (3,379) | $ | (3,379) | $ | — | $ | (758) | $ | (758) | ||||||||||||||||||||||||||
Interest credited to policyholder account balances | $ | 2,382 | $ | 127 | $ | 2,509 | $ | 2,027 | $ | 158 | $ | 2,185 | ||||||||||||||||||||||||||
Policyholder dividends | $ | 559 | $ | 4 | $ | 563 | $ | 728 | $ | 4 | $ | 732 | ||||||||||||||||||||||||||
Other expenses | $ | 5,555 | $ | 148 | $ | 5,703 | $ | 5,617 | $ | 83 | $ | 5,700 | ||||||||||||||||||||||||||
Total expenses | $ | 41,450 | $ | (2,932) | $ | 38,518 | $ | 37,795 | $ | (852) | $ | 36,943 | ||||||||||||||||||||||||||
Income
(loss) before provision for income tax |
$ | 3,910 | $ | 3,019 | $ | 6,929 | $ | 4,248 | $ | (4) | $ | 4,244 | ||||||||||||||||||||||||||
Provision for income tax expense (benefit) | $ | 639 | $ | 634 | $ | 1,273 | $ | 530 | $ | (1) | $ | 529 | ||||||||||||||||||||||||||
Net income (loss) | $ | 3,271 | $ | 2,385 | $ | 5,656 | $ | 3,718 | $ | (3) | $ | 3,715 | ||||||||||||||||||||||||||
Net income (loss) attributable to Metropolitan Life Insurance Company | $ | 3,243 | $ | 2,385 | $ | 5,628 | $ | 3,713 | $ | (3) | $ | 3,710 |
December 31, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||
As Previously Reported | Adoption Adjustment |
Post Adoption |
As Previously Reported | Adoption Adjustment |
Post Adoption | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 3,271 | $ | 2,385 | $ | 5,656 | $ | 3,718 | $ | (3) | $ | 3,715 | ||||||||||||||||||||||||||
Unrealized investment gains (losses), net of related offsets | $ | (23,566) | $ | (6,769) | $ | (30,335) | $ | (2,462) | $ | (2,879) | $ | (5,341) | ||||||||||||||||||||||||||
Future policy benefits discount rate remeasurement gains (losses) | $ | — | $ | 21,623 | $ | 21,623 | $ | — | $ | 5,118 | $ | 5,118 | ||||||||||||||||||||||||||
Market risk benefits instrument-specific credit risk remeasurement gains (losses) | $ | — | $ | (236) | $ | (236) | $ | — | $ | 311 | $ | 311 | ||||||||||||||||||||||||||
Other comprehensive income (loss), before income tax | $ | (23,817) | $ | 14,618 | $ | (9,199) | $ | (2,260) | $ | 2,550 | $ | 290 | ||||||||||||||||||||||||||
Income tax (expense) benefit related to items of other comprehensive income (loss) | $ | 5,004 | $ | (3,070) | $ | 1,934 | $ | 515 | $ | (535) | $ | (20) | ||||||||||||||||||||||||||
Other comprehensive income (loss), net of income tax | $ | (18,813) | $ | 11,548 | $ | (7,265) | $ | (1,745) | $ | 2,015 | $ | 270 | ||||||||||||||||||||||||||
Comprehensive income (loss) | $ | (15,542) | $ | 13,933 | $ | (1,609) | $ | 1,973 | $ | 2,012 | $ | 3,985 | ||||||||||||||||||||||||||
Comprehensive income (loss) attributable to Metropolitan Life Insurance Company | $ | (15,570) | $ | 13,933 | $ | (1,637) | $ | 1,968 | $ | 2,012 | $ | 3,980 |
As Previously Reported | Adoption Adjustment |
Post Adoption | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Retained Earnings | ||||||||||||||||||||
Balance at December 31, 2020 | $ | 10,548 | $ | — | $ | 10,548 | ||||||||||||||
Cumulative effects of changes in accounting principles, net of income tax | $ | — | $ | (3,932) | $ | (3,932) | ||||||||||||||
Net income (loss) | $ | 3,713 | $ | (3) | $ | 3,710 | ||||||||||||||
Balance at December 31, 2021 | $ | 10,868 | $ | (3,935) | $ | 6,933 | ||||||||||||||
Net income (loss) | $ | 3,243 | $ | 2,385 | $ | 5,628 | ||||||||||||||
Balance at December 31, 2022 | $ | 10,572 | $ | (1,550) | $ | 9,022 | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
Balance at December 31, 2020 | $ | 11,662 | $ | — | $ | 11,662 | ||||||||||||||
Cumulative effects of changes in accounting principles, net of income tax | $ | — | $ | (12,987) | $ | (12,987) | ||||||||||||||
Other comprehensive income (loss), net of income tax | $ | (1,745) | $ | 2,015 | $ | 270 | ||||||||||||||
Balance at December 31, 2021 | $ | 9,917 | $ | (10,972) | $ | (1,055) | ||||||||||||||
Other comprehensive income (loss), net of income tax | $ | (18,813) | $ | 11,548 | $ | (7,265) | ||||||||||||||
Balance at December 31, 2022 | $ | (8,896) | $ | 576 | $ | (8,320) | ||||||||||||||
Total
Metropolitan Life Insurance Company Stockholder’s Equity |
||||||||||||||||||||
Balance at December 31, 2020 | $ | 34,675 | $ | — | $ | 34,675 | ||||||||||||||
Cumulative effects of changes in accounting principles, net of income tax | $ | — | $ | (16,919) | $ | (16,919) | ||||||||||||||
Net income (loss) | $ | 3,713 | $ | (3) | $ | 3,710 | ||||||||||||||
Other comprehensive income (loss), net of income tax | $ | (1,745) | $ | 2,015 | $ | 270 | ||||||||||||||
Balance at December 31, 2021 | $ | 33,254 | $ | (14,907) | $ | 18,347 | ||||||||||||||
Net income (loss) | $ | 3,243 | $ | 2,385 | $ | 5,628 | ||||||||||||||
Other comprehensive income (loss), net of income tax | $ | (18,813) | $ | 11,548 | $ | (7,265) | ||||||||||||||
Balance at December 31, 2022 | $ | 14,157 | $ | (974) | $ | 13,183 | ||||||||||||||
Total Equity | ||||||||||||||||||||
Balance at December 31, 2020 | $ | 34,858 | $ | — | $ | 34,858 | ||||||||||||||
Cumulative effects of changes in accounting principles, net of income tax | $ | — | $ | (16,919) | $ | (16,919) | ||||||||||||||
Net income (loss) | $ | 3,718 | $ | (3) | $ | 3,715 | ||||||||||||||
Other comprehensive income (loss), net of income tax | $ | (1,745) | $ | 2,015 | $ | 270 | ||||||||||||||
Balance at December 31, 2021 | $ | 33,428 | $ | (14,907) | $ | 18,521 | ||||||||||||||
Change in equity of noncontrolling interests | $ | 10 | $ | — | $ | 10 | ||||||||||||||
Net income (loss) | $ | 3,271 | $ | 2,385 | $ | 5,656 | ||||||||||||||
Other comprehensive income (loss), net of income tax | $ | (18,813) | $ | 11,548 | $ | (7,265) | ||||||||||||||
Balance at December 31, 2022 | $ | 14,369 | $ | (974) | $ | 13,395 |
December 31, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||
As Previously Reported | Adoption Adjustment |
Post Adoption |
As Previously Reported | Adoption Adjustment |
Post Adoption | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 3,271 | $ | 2,385 | $ | 5,656 | $ | 3,718 | $ | (3) | $ | 3,715 | ||||||||||||||||||||||||||
(Gains) losses on derivatives, net | $ | 1,122 | $ | (187) | $ | 935 | $ | 2,480 | $ | 232 | $ | 2,712 | ||||||||||||||||||||||||||
Interest credited to policyholder account balances | $ | 2,344 | $ | (51) | $ | 2,293 | $ | 1,988 | $ | 116 | $ | 2,104 | ||||||||||||||||||||||||||
Universal life and investment-type product policy fees | $ | (1,162) | $ | (1) | $ | (1,163) | $ | (1,070) | $ | (21) | $ | (1,091) | ||||||||||||||||||||||||||
Change in premiums, reinsurance and other receivables | $ | 146 | $ | 69 | $ | 215 | $ | 752 | $ | (162) | $ | 590 | ||||||||||||||||||||||||||
Change in market risk benefits | $ | — | $ | (3,141) | $ | (3,141) | $ | — | $ | (476) | $ | (476) | ||||||||||||||||||||||||||
Change in deferred policy acquisition costs and value of business acquired, net | $ | (39) | $ | 147 | $ | 108 | $ | 194 | $ | 84 | $ | 278 | ||||||||||||||||||||||||||
Change in income tax | $ | 219 | $ | 634 | $ | 853 | $ | 5 | $ | (1) | $ | 4 | ||||||||||||||||||||||||||
Change in other assets | $ | 201 | $ | (14) | $ | 187 | $ | (308) | $ | 5 | $ | (303) | ||||||||||||||||||||||||||
Change in insurance-related liabilities and policy-related balances | $ | (1,958) | $ | 628 | $ | (1,330) | $ | (957) | $ | 700 | $ | (257) | ||||||||||||||||||||||||||
Change
in other liabilities |
$ | (67) | $ | 4 | $ | (63) | $ | (370) | $ | (2) | $ | (372) | ||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 4,667 | $ | 473 | $ | 5,140 | $ | 3,257 | $ | 472 | $ | 3,729 | ||||||||||||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||||||||||||||||
Policyholder account balances - deposits | $ | 85,294 | $ | (9) | $ | 85,285 | $ | 78,129 | $ | — | $ | 78,129 | ||||||||||||||||||||||||||
Policyholder account balances - withdrawals | $ | (80,028) | $ | (464) | $ | (80,492) | $ | (80,378) | $ | (472) | $ | (80,850) | ||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | $ | (8,710) | $ | (473) | $ | (9,183) | $ | (3,758) | $ | (472) | $ | (4,230) |
Standard | Description | Effective Date and Method of Adoption | Impact on Financial Statements | ||||||||
ASU
2022-02, Financial
Instruments—Credit Losses
(Topic
326): Troubled Debt Restructurings and Vintage Disclosures
|
The amendments in the new ASU eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the current expected credit loss guidance while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. In addition, the amendments require that a public business entity disclose current-period gross write-offs by year of origination for financing receivables and net investment in leases. | January 1, 2023, the Company adopted, using a prospective approach. |
The
new guidance has reduced the complexity involved with evaluating and accounting for certain loan modifications. The adoption of the guidance
did not have a material impact on the Company’s consolidated financial statements, other than expanded disclosures in Note 10. | ||||||||
ASU
2020-04, Reference
Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting;
as clarified and amended by ASU 2021-01, Reference
Rate Reform (Topic 848): Scope; as
amended by ASU 2022-06, Reference
Rate Reform (Topic 848)—Deferral of the Sunset Date of Topic 848 |
The
guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected
by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments do not apply to contract
modifications made and hedging relationships entered into or evaluated after December 31, 2022, with certain exceptions. ASU 2021-01 amends
the scope of the recent reference rate reform guidance. New optional expedients allow derivative instruments impacted by changes in the
interest rate used for margining, discounting, or contract price alignment to qualify for certain optional relief. The amendments in ASU
2022-06 extend the sunset date of the reference rate reform optional expedients and exceptions to December 31, 2024. |
Effective
for contract modifications made between March 12, 2020 and December 31, 2024. |
The
guidance has reduced the operational and financial impacts of contract modifications that replace a reference rate, such as London Interbank
Offered Rate, affected by reference rate reform.
Contract
modifications to replace reference rates affected by the reform occurred during 2021, 2022 and 2023. The adoption of the guidance did
not have a material impact on the Company’s consolidated financial statements. |
Standard | Description | Effective Date and Method of Adoption | Impact on Financial Statements | ||||||||
ASU
2023-09, Income
Taxes (Topic 740): Improvements to Income Tax Disclosures |
Among
other things, the amendments in this update require that public business entities, on an annual basis: (i) disclose specific categories
in the rate reconciliation and (ii) provide additional information for reconciling items that meet a quantitative threshold. In addition,
the amendments in this update require that all entities disclose on an annual basis the following information about income taxes paid:
(i) the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes and (ii) the
amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds
received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). |
Effective
for annual periods beginning January 1, 2025, to be applied prospectively with an option for retrospective application (with early adoption
permitted). |
The
Company is evaluating the impact of the guidance on its consolidated financial statements. | ||||||||
ASU
2023-07, Segment
Reporting (Topic 280): Improvements to Reportable Segment Disclosures |
The
amendments in the ASU are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about
significant segment expenses. The key amendments include:
(i)
disclosures on significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within
each reported measure of segment profit or loss on an annual and interim basis;
(ii)
disclosures on an amount for other segment items by reportable segment and a description of its composition on an annual and interim basis.
The other segment items category is the difference between segment revenue less the significant expenses disclosed and each reported measure
of segment profit or loss;
(iii)
providing all annual disclosures on a reportable segment’s profit or loss and assets currently required by FASB ASC Topic 280, Segment
Reporting in interim periods; and
(iv)
specifying the title and position of the CODM. |
Effective
for annual periods beginning January 1, 2024 and
interim
periods beginning January 1, 2025, to be applied on a retrospective basis unless it is impracticable (with early adoption permitted).
|
The
Company is evaluating the impact of the guidance on its annual disclosures to be included in its 2024 consolidated financial statements
and interim condensed consolidated financial statements to be issued thereafter. | ||||||||
ASU
2023-02,
Investments—Equity Method and Joint Ventures
(Topic
323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method
|
The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. In addition, disclosures describing the nature of the investments and related income tax credits and benefits will be required. | January 1, 2024, to be applied on either a modified retrospective or a retrospective basis subject to certain exceptions (with early adoption permitted). |
Effective
January 1, 2024, the Company will elect to account for its tax equity investments using the proportional amortization method if certain
criteria are met. The adoption of the proportional amortization method will be
applied
on a modified retrospective basis and the Company estimates that the January 1, 2024 transition date impact from adoption will result
in a decrease to total equity not to exceed $250 million, net of income tax. |
Year Ended December 31, 2023 |
Group
Benefits |
RIS |
MetLife Holdings | Corporate
& Other |
Total | Adjustments |
Total Consolidated | |||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||
Revenues |
||||||||||||||||||||||||||||||||||||||||||||
Premiums |
$ | 20,593 | $ | 1,776 | $ | 2,346 | $ | 3 | $ | 24,718 | $ | — | $ | 24,718 | ||||||||||||||||||||||||||||||
Universal
life and investment-type product policy fees |
878 | 264 | 519 | 3 | 1,664 | — | 1,664 | |||||||||||||||||||||||||||||||||||||
Net investment income (1) | 1,272 | 6,508 | 3,991 | 224 | 11,995 | (789) | 11,206 | |||||||||||||||||||||||||||||||||||||
Other
revenues |
711 | 256 | 197 | 499 | 1,663 | 10 | 1,673 | |||||||||||||||||||||||||||||||||||||
Net
investment gains (losses) |
— | — | — | — | — | (1,375) | (1,375) | |||||||||||||||||||||||||||||||||||||
Net
derivative gains (losses) |
— | — | — | — | — | (1,537) | (1,537) | |||||||||||||||||||||||||||||||||||||
Total
revenues |
23,454 | 8,804 | 7,053 | 729 | 40,040 | (3,691) | 36,349 | |||||||||||||||||||||||||||||||||||||
Expenses |
||||||||||||||||||||||||||||||||||||||||||||
Policyholder
benefits and claims and policyholder dividends |
17,976 | 4,163 | 4,462 | 1 | 26,602 | 18 | 26,620 | |||||||||||||||||||||||||||||||||||||
Policyholder liability remeasurement (gains) losses | (26) | (158) | 34 | — | (150) | — | (150) | |||||||||||||||||||||||||||||||||||||
Market risk benefit remeasurement (gains) losses | — | — | — | — | — | (703) | (703) | |||||||||||||||||||||||||||||||||||||
Interest
credited to policyholder account balances |
193 | 2,492 | 582 | 317 | 3,584 | 18 | 3,602 | |||||||||||||||||||||||||||||||||||||
Capitalization of DAC |
(18) | (46) | 1 | (55) | (118) | — | (118) | |||||||||||||||||||||||||||||||||||||
Amortization of DAC and VOBA |
26 | 31 | 224 | 17 | 298 | — | 298 | |||||||||||||||||||||||||||||||||||||
Interest expense
on debt |
2 | 14 | 13 | 103 | 132 | — | 132 | |||||||||||||||||||||||||||||||||||||
Other
expenses |
3,318 | 559 | 794 | 852 | 5,523 | (50) | 5,473 | |||||||||||||||||||||||||||||||||||||
Total
expenses |
21,471 | 7,055 | 6,110 | 1,235 | 35,871 | (717) | 35,154 | |||||||||||||||||||||||||||||||||||||
Provision
for income tax expense (benefit) |
416 | 365 | 182 | (283) | 680 | (620) | 60 | |||||||||||||||||||||||||||||||||||||
Adjusted
earnings |
$ | 1,567 | $ | 1,384 | $ | 761 | $ | (223) | 3,489 | |||||||||||||||||||||||||||||||||||
Adjustments
to: |
||||||||||||||||||||||||||||||||||||||||||||
Total
revenues |
(3,691) | |||||||||||||||||||||||||||||||||||||||||||
Total
expenses |
717 | |||||||||||||||||||||||||||||||||||||||||||
Provision
for income tax (expense) benefit |
620 | |||||||||||||||||||||||||||||||||||||||||||
Net
income (loss) |
$ | 1,135 | $ | 1,135 |
At December 31, 2023 |
Group
Benefits |
RIS |
MetLife Holdings |
Corporate
& Other |
Total | |||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Total
assets |
$ | 34,185 | $ | 180,625 | $ | 133,219 | $ | 30,656 | $ | 378,685 | ||||||||||||||||||||||
Separate
account assets |
$ | 1,159 | $ | 47,310 | $ | 34,728 | $ | — | $ | 83,197 | ||||||||||||||||||||||
Separate
account liabilities |
$ | 1,159 | $ | 47,310 | $ | 34,728 | $ | — | $ | 83,197 |
Year Ended December 31, 2022 |
Group
Benefits |
RIS |
MetLife Holdings | Corporate & Other |
Total |
Adjustments |
Total Consolidated | |||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||
Revenues |
||||||||||||||||||||||||||||||||||||||||||||
Premiums |
$ | 20,269 | $ | 8,425 | $ | 2,495 | $ | — | $ | 31,189 | $ | — | $ | 31,189 | ||||||||||||||||||||||||||||||
Universal
life and investment-type product policy fees |
855 | 267 | 695 | — | 1,817 | — | 1,817 | |||||||||||||||||||||||||||||||||||||
Net investment income (1) | 1,126 | 5,236 | 4,393 | (45) | 10,710 | (588) | 10,122 | |||||||||||||||||||||||||||||||||||||
Other
revenues |
653 | 407 | 149 | 485 | 1,694 | — | 1,694 | |||||||||||||||||||||||||||||||||||||
Net
investment gains (losses) |
— | — | — | — | — | (127) | (127) | |||||||||||||||||||||||||||||||||||||
Net
derivative gains (losses) |
— | — | — | — | — | 752 | 752 | |||||||||||||||||||||||||||||||||||||
Total
revenues |
22,903 | 14,335 | 7,732 | 440 | 45,410 | 37 | 45,447 | |||||||||||||||||||||||||||||||||||||
Expenses |
||||||||||||||||||||||||||||||||||||||||||||
Policyholder benefits and claims and
policyholder dividends |
18,157 | 10,666 | 4,757 | — | 33,580 | 116 | 33,696 | |||||||||||||||||||||||||||||||||||||
Policyholder liability remeasurement (gains) losses | 7 | (85) | 67 | — | (11) | — | (11) | |||||||||||||||||||||||||||||||||||||
Market risk benefit remeasurement (gains) losses | — | — | — | — | — | (3,379) | (3,379) | |||||||||||||||||||||||||||||||||||||
Interest
credited to policyholder account balances |
143 | 1,687 | 643 | 67 | 2,540 | (31) | 2,509 | |||||||||||||||||||||||||||||||||||||
Capitalization of DAC |
(18) | (51) | — | (120) | (189) | — | (189) | |||||||||||||||||||||||||||||||||||||
Amortization of DAC and VOBA |
26 | 28 | 237 | 6 | 297 | — | 297 | |||||||||||||||||||||||||||||||||||||
Interest expense
on debt |
1 | 8 | 8 | 87 | 104 | — | 104 | |||||||||||||||||||||||||||||||||||||
Other
expenses |
3,073 | 391 | 801 | 1,249 | 5,514 | (23) | 5,491 | |||||||||||||||||||||||||||||||||||||
Total
expenses |
21,389 | 12,644 | 6,513 | 1,289 | 41,835 | (3,317) | 38,518 | |||||||||||||||||||||||||||||||||||||
Provision
for income tax expense (benefit) |
318 | 350 | 240 | (339) | 569 | 704 | 1,273 | |||||||||||||||||||||||||||||||||||||
Adjusted
earnings |
$ | 1,196 | $ | 1,341 | $ | 979 | $ | (510) | 3,006 | |||||||||||||||||||||||||||||||||||
Adjustments
to: |
||||||||||||||||||||||||||||||||||||||||||||
Total
revenues |
37 | |||||||||||||||||||||||||||||||||||||||||||
Total
expenses |
3,317 | |||||||||||||||||||||||||||||||||||||||||||
Provision
for income tax (expense) benefit |
(704) | |||||||||||||||||||||||||||||||||||||||||||
Net
income (loss) |
$ | 5,656 | $ | 5,656 |
At December 31, 2022 |
Group
Benefits |
RIS |
MetLife
Holdings |
Corporate & Other |
Total | |||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Total
assets |
$ | 33,179 | $ | 187,479 | $ | 133,393 | $ | 30,788 | $ | 384,839 | ||||||||||||||||||||||
Separate
account assets |
$ | 990 | $ | 55,020 | $ | 33,231 | $ | — | $ | 89,241 | ||||||||||||||||||||||
Separate
account liabilities |
$ | 990 | $ | 55,020 | $ | 33,231 | $ | — | $ | 89,241 |
Year Ended December 31, 2021 |
Group
Benefits |
RIS |
MetLife Holdings | Corporate & Other |
Total |
Adjustments |
Total Consolidated | |||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||
Revenues |
||||||||||||||||||||||||||||||||||||||||||||
Premiums |
$ | 19,640 | $ | 3,823 | $ | 2,725 | $ | — | $ | 26,188 | $ | — | $ | 26,188 | ||||||||||||||||||||||||||||||
Universal
life and investment-type product policy fees |
829 | 272 | 773 | — | 1,874 | — | 1,874 | |||||||||||||||||||||||||||||||||||||
Net investment income (1) | 1,152 | 6,097 | 5,768 | 48 | 13,065 | (579) | 12,486 | |||||||||||||||||||||||||||||||||||||
Other
revenues |
617 | 244 | 243 | 512 | 1,616 | — | 1,616 | |||||||||||||||||||||||||||||||||||||
Net
investment gains (losses) |
— | — | — | — | — | 652 | 652 | |||||||||||||||||||||||||||||||||||||
Net
derivative gains (losses) |
— | — | — | — | — | (1,629) | (1,629) | |||||||||||||||||||||||||||||||||||||
Total
revenues |
22,238 | 10,436 | 9,509 | 560 | 42,743 | (1,556) | 41,187 | |||||||||||||||||||||||||||||||||||||
Expenses |
||||||||||||||||||||||||||||||||||||||||||||
Policyholder
benefits and claims and policyholder dividends |
18,820 | 5,813 | 5,154 | — | 29,787 | 29 | 29,816 | |||||||||||||||||||||||||||||||||||||
Policyholder liability remeasurement (gains) losses | (4) | (11) | 15 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Market risk benefit remeasurement (gains) losses | — | — | — | — | — | (758) | (758) | |||||||||||||||||||||||||||||||||||||
Interest
credited to policyholder account balances |
127 | 1,397 | 666 | 1 | 2,191 | (6) | 2,185 | |||||||||||||||||||||||||||||||||||||
Capitalization of DAC |
(19) | (40) | 2 | (6) | (63) | — | (63) | |||||||||||||||||||||||||||||||||||||
Amortization of DAC and VOBA |
26 | 29 | 286 | — | 341 | — | 341 | |||||||||||||||||||||||||||||||||||||
Interest expense
on debt |
1 | 5 | 5 | 85 | 96 | — | 96 | |||||||||||||||||||||||||||||||||||||
Other
expenses |
2,819 | 447 | 839 | 1,230 | 5,335 | (9) | 5,326 | |||||||||||||||||||||||||||||||||||||
Total
expenses |
21,770 | 7,640 | 6,967 | 1,310 | 37,687 | (744) | 36,943 | |||||||||||||||||||||||||||||||||||||
Provision
for income tax expense (benefit) |
100 | 580 | 514 | (505) | 689 | (160) | 529 | |||||||||||||||||||||||||||||||||||||
Adjusted
earnings |
$ | 368 | $ | 2,216 | $ | 2,028 | $ | (245) | 4,367 | |||||||||||||||||||||||||||||||||||
Adjustments
to: |
||||||||||||||||||||||||||||||||||||||||||||
Total
revenues |
(1,556) | |||||||||||||||||||||||||||||||||||||||||||
Total
expenses |
744 | |||||||||||||||||||||||||||||||||||||||||||
Provision
for income tax (expense) benefit |
160 | |||||||||||||||||||||||||||||||||||||||||||
Net
income (loss) |
$ | 3,715 | $ | 3,715 |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
(In millions) | |||||||||||||||||
Life
insurance |
$ | 14,721 | $ | 14,809 | $ | 15,396 | |||||||||||
Accident &
health insurance |
10,460 | 10,111 | 9,493 | ||||||||||||||
Annuities |
2,412 | 9,346 | 4,386 | ||||||||||||||
Other |
462 | 434 | 403 | ||||||||||||||
Total |
$ | 28,055 | $ | 34,700 | $ | 29,678 |
RIS
Annuities |
MetLife
Holdings Long-Term Care |
MetLife Holdings Participating Life |
Other
Long-Duration |
Short-Duration and Other | Total | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Balance,
future policy benefits, at December 31, 2020 |
$ | 54,535 | $ | 14,281 | $ | 45,349 | $ | 9,625 | $ | 10,131 | $ | 133,921 | ||||||||||||||||||||||||||
Removal of additional insurance liabilities for separate presentation (1) | (4) | — | — | (2,925) | — | (2,929) | ||||||||||||||||||||||||||||||||
Subtotal - pre-adoption balance, excluding additional liabilities | 54,531 | 14,281 | 45,349 | 6,700 | 10,131 | 130,992 | ||||||||||||||||||||||||||||||||
Removal of related amounts in AOCI | (5,571) | (1,210) | — | (54) | — | (6,835) | ||||||||||||||||||||||||||||||||
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach | 41 | — | — | 48 | — | 89 | ||||||||||||||||||||||||||||||||
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate | 15,011 | 8,270 | — | 1,927 | — | 25,208 | ||||||||||||||||||||||||||||||||
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard | (4,747) | — | — | (47) | — | (4,794) | ||||||||||||||||||||||||||||||||
Removal of remeasured deferred profit liabilities for separate presentation (1) | (2,413) | — | — | (250) | — | (2,663) | ||||||||||||||||||||||||||||||||
Balance, traditional and limited-payment contracts, at January 1, 2021 | $ | 56,852 | $ | 21,341 | $ | 45,349 | $ | 8,324 | $ | 10,131 | $ | 141,997 | ||||||||||||||||||||||||||
Balance,
deferred profit liabilities at January 1, 2021 |
$ | 2,413 | $ | — | $ | — | $ | 250 | $ | — | $ | 2,663 | ||||||||||||||||||||||||||
Balance, ceded recoverables on traditional and limited-payment contracts at December 31, 2020 | $ | 203 | $ | — | $ | 752 | $ | 955 | ||||||||||||||||||||||||||||||
Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate | 135 | — | 268 | 403 | ||||||||||||||||||||||||||||||||||
Adjustments for loss contracts (with net premiums in excess of gross premiums) under the modified retrospective approach | — | — | 32 | 32 | ||||||||||||||||||||||||||||||||||
Adjustments for the cumulative effect of adoption on ceded recoverables on traditional and limited-payment contract | 6 | — | 20 | 26 | ||||||||||||||||||||||||||||||||||
Balance ceded recoverables on traditional and limited-payment contracts at January 1, 2021 | $ | 344 | $ | — | $ | 1,072 | $ | 1,416 |
MetLife
Holdings Universal and Variable Universal Life |
Other
Long-Duration |
Total | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Additional insurance liabilities at December 31, 2020 | $ | 1,478 | $ | 1,451 | $ | 2,929 | ||||||||||||||
Reclassification of carrying amount of contracts and contract features that are market risk benefits | — | (1,447) | (1,447) | |||||||||||||||||
Adjustments for the cumulative effect of adoption on additional insurance liabilities | 36 | — | 36 | |||||||||||||||||
Additional insurance liabilities at January 1, 2021 | $ | 1,514 | $ | 4 | $ | 1,518 | ||||||||||||||
Ceded recoverables on additional insurance liabilities at December 31, 2020 | $ | 554 | $ | — | $ | 554 | ||||||||||||||
Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities | 9 | — | 9 | |||||||||||||||||
Ceded recoverables on additional insurance liabilities at January 1, 2021 | $ | 563 | $ | — | $ | 563 | ||||||||||||||
Balance, traditional and limited-payment contracts, at January 1, 2021 | $ | 141,997 | ||||||||||||||||||
Balance, deferred profit liabilities at January 1, 2021 | 2,663 | |||||||||||||||||||
Balance, additional insurance liabilities at January 1, 2021 | 1,518 | |||||||||||||||||||
Total future policy benefits at January 1, 2021 | $ | 146,178 |
December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
(In millions) | ||||||||||||||
Traditional
and Limited-Payment Contracts: |
||||||||||||||
RIS
- Annuities |
$ | 48,695 | $ | 47,990 | ||||||||||
MetLife Holdings - Long-term care | 15,240 | 13,845 | ||||||||||||
Deferred Profit Liabilities: | ||||||||||||||
RIS
- Annuities |
3,000 | 2,699 | ||||||||||||
Additional Insurance Liabilities: | ||||||||||||||
MetLife Holdings - Universal and variable universal life | 1,841 | 1,641 | ||||||||||||
MetLife Holdings - Participating life | 43,586 | 44,434 | ||||||||||||
Other long-duration (1) | 6,605 | 6,297 | ||||||||||||
Short-duration and other | 10,215 | 10,008 | ||||||||||||
Total | $ | 129,182 | $ | 126,914 |
Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
(Dollars
in millions) | ||||||||||||||||||||
Present Value of Expected Net Premiums | ||||||||||||||||||||
Balance
at January 1, at current discount rate at balance sheet date |
$ | — | $ | — | $ | — | ||||||||||||||
Balance
at January 1, at original discount rate |
$ | — | $ | — | $ | — | ||||||||||||||
Effect of changes in cash flow assumptions (1) | — | — | — | |||||||||||||||||
Effect
of actual variances from expected experience (2) |
(44) | — | — | |||||||||||||||||
Adjusted
balance |
(44) | — | — | |||||||||||||||||
Issuances | 1,607 | 8,326 | 3,370 | |||||||||||||||||
Net
premiums collected |
(1,563) | (8,326) | (3,370) | |||||||||||||||||
Balance
at December 31, at original discount rate |
— | — | — | |||||||||||||||||
Balance
at December 31, at current discount rate at balance sheet date |
$ | — | $ | — | $ | — | ||||||||||||||
Present Value of Expected Future Policy Benefits | ||||||||||||||||||||
Balance
at January 1, at current discount rate at balance sheet date |
$ | 48,190 | $ | 54,172 | $ | 55,778 | ||||||||||||||
Balance at January 1, at original discount rate | $ | 49,194 | $ | 42,453 | $ | 40,767 | ||||||||||||||
Effect of changes in cash flow assumptions (1) | (193) | (99) | (112) | |||||||||||||||||
Effect of actual variances from expected experience (2) | (411) | (136) | (183) | |||||||||||||||||
Adjusted
balance |
48,590 | 42,218 | 40,472 | |||||||||||||||||
Issuances | 1,642 | 8,427 | 3,419 | |||||||||||||||||
Interest accrual | 2,377 | 2,182 | 2,098 | |||||||||||||||||
Benefit payments | (4,618) | (3,633) | (3,536) | |||||||||||||||||
Balance
at December 31, at original discount rate |
47,991 | 49,194 | 42,453 | |||||||||||||||||
Effect of changes in discount rate assumptions | 895 | (1,004) | 11,719 | |||||||||||||||||
Balance
at December 31, at current discount rate at balance sheet date |
48,886 | 48,190 | 54,172 | |||||||||||||||||
Cumulative
amount of fair value hedging adjustments |
(191) | (200) | 727 | |||||||||||||||||
Net
liability for future policy benefits |
48,695 | 47,990 | 54,899 | |||||||||||||||||
Less:
Reinsurance recoverables |
— | — | 312 | |||||||||||||||||
Net
liability for future policy benefits, net of reinsurance |
$ | 48,695 | $ | 47,990 | $ | 54,587 | ||||||||||||||
Undiscounted
- Expected future benefit payments |
$ | 93,959 | $ | 95,493 | $ | 80,524 | ||||||||||||||
Discounted - Expected future benefit payments (at current discount rate at balance sheet date) | $ | 48,886 | $ | 48,190 | $ | 54,172 | ||||||||||||||
Weighted-average duration of the liability | 9 years | 9 years | 12 years | |||||||||||||||||
Weighted-average interest accretion (original locked-in) rate | 5.0 | % | 4.9 | % | 5.2 | % | ||||||||||||||
Weighted-average current discount rate at balance sheet date | 5.1 | % | 5.5 | % | 2.9 | % |
Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Present Value of Expected Net Premiums | ||||||||||||||||||||
Balance
at January 1, at current discount rate at balance sheet date |
$ | 5,775 | $ | 7,058 | $ | 7,142 | ||||||||||||||
Balance
at January 1, at original discount rate |
$ | 5,807 | $ | 5,699 | $ | 5,516 | ||||||||||||||
Effect
of changes in cash flow assumptions |
(152) | 272 | 270 | |||||||||||||||||
Effect
of actual variances from expected experience |
199 | 120 | 183 | |||||||||||||||||
Adjusted
balance |
5,854 | 6,091 | 5,969 | |||||||||||||||||
Interest accrual | 294 | 298 | 287 | |||||||||||||||||
Net
premiums collected |
(582) | (582) | (557) | |||||||||||||||||
Balance
at December 31, at original discount rate |
5,566 | 5,807 | 5,699 | |||||||||||||||||
Effect of changes in discount rate assumptions | 121 | (32) | 1,359 | |||||||||||||||||
Balance
at December 31, at current discount rate at balance sheet date |
$ | 5,687 | $ | 5,775 | $ | 7,058 | ||||||||||||||
Present Value of Expected Future Policy Benefits | ||||||||||||||||||||
Balance
at January 1, at current discount rate at balance sheet date |
$ | 19,619 | $ | 27,627 | $ | 28,483 | ||||||||||||||
Balance at January 1, at original discount rate | $ | 20,165 | $ | 19,406 | $ | 18,586 | ||||||||||||||
Effect of changes in cash flow assumptions | (190) | 301 | 276 | |||||||||||||||||
Effect of actual variances from expected experience | 223 | 115 | 188 | |||||||||||||||||
Adjusted
balance |
20,198 | 19,822 | 19,050 | |||||||||||||||||
Interest accrual | 1,070 | 1,043 | 998 | |||||||||||||||||
Benefit payments | (774) | (700) | (642) | |||||||||||||||||
Balance
at December 31, at original discount rate |
20,494 | 20,165 | 19,406 | |||||||||||||||||
Effect of changes in discount rate assumptions | 433 | (546) | 8,221 | |||||||||||||||||
Balance
at December 31, at current discount rate at balance sheet date |
20,927 | 19,619 | 27,627 | |||||||||||||||||
Other
adjustments |
— | 1 | — | |||||||||||||||||
Net
liability for future policy benefits |
$ | 15,240 | $ | 13,845 | $ | 20,569 | ||||||||||||||
Undiscounted:
|
||||||||||||||||||||
Expected
future gross premiums |
$ | 10,603 | $ | 11,201 | $ | 11,404 | ||||||||||||||
Expected
future benefit payments |
$ | 45,016 | $ | 45,872 | $ | 45,835 | ||||||||||||||
Discounted (at current discount rate at balance sheet date): | ||||||||||||||||||||
Expected future gross premiums | $ | 7,139 | $ | 7,200 | $ | 9,049 | ||||||||||||||
Expected future benefit payments | $ | 20,927 | $ | 19,619 | $ | 27,627 | ||||||||||||||
Weighted-average duration of the liability | 15 years | 15 years | 18 years | |||||||||||||||||
Weighted
-average interest accretion (original locked-in) rate |
5.4 | % | 5.5 | % | 5.5 | % | ||||||||||||||
Weighted-average current discount rate at balance sheet date | 5.2 | % | 5.6 | % | 3.0 | % |
Years
Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Universal and Variable Universal Life | ||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Balance, at January 1 | $ | 1,642 | $ | 1,623 | $ | 1,514 | ||||||||||||||
Less:
AOCI adjustment |
(63) | 66 | 78 | |||||||||||||||||
Balance,
at January 1, before AOCI adjustment |
1,705 | 1,557 | 1,436 | |||||||||||||||||
Effect of changes in cash flow assumptions | 26 | 18 | — | |||||||||||||||||
Effect of actual variances from expected experience | 16 | 31 | 13 | |||||||||||||||||
Adjusted
balance |
1,747 | 1,606 | 1,449 | |||||||||||||||||
Assessments accrual | 91 | 90 | 100 | |||||||||||||||||
Interest accrual | 90 | 82 | 75 | |||||||||||||||||
Excess benefits paid | (73) | (73) | (67) | |||||||||||||||||
Balance, at December 31, before AOCI adjustment | 1,855 | 1,705 | 1,557 | |||||||||||||||||
Add:
AOCI adjustment |
(14) | (63) | 66 | |||||||||||||||||
Balance, at December 31 | 1,841 | 1,642 | 1,623 | |||||||||||||||||
Less:
Reinsurance recoverables |
1,841 | 627 | 605 | |||||||||||||||||
Balance,
at December 31, net of reinsurance |
$ | — | $ | 1,015 | $ | 1,018 | ||||||||||||||
Weighted-average duration of the liability | 17 years | 18 years | 18 years | |||||||||||||||||
Weighted-average interest accretion rate | 5.2 | % | 5.2 | % | 5.2 | % |
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Gross Premiums or Assessments (1) | Interest Expense (2) | Gross Premiums or Assessments (1) | Interest Expense (2) | Gross Premiums or Assessments (1) | Interest Expense (2) | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Traditional and Limited-Payment Contracts: | ||||||||||||||||||||||||||||||||||||||
RIS
- Annuities |
$ | 1,584 | $ | 2,377 | $ | 8,353 | $ | 2,182 | $ | 3,383 | $ | 2,098 | ||||||||||||||||||||||||||
MetLife Holdings - Long-term care | 731 | 776 | 734 | 745 | 736 | 711 | ||||||||||||||||||||||||||||||||
Deferred Profit Liabilities: | ||||||||||||||||||||||||||||||||||||||
RIS
- Annuities |
N/A | 144 | N/A | 136 | N/A | 132 | ||||||||||||||||||||||||||||||||
Additional Insurance Liabilities: | ||||||||||||||||||||||||||||||||||||||
MetLife Holdings - Universal and variable universal life | 452 | 90 | 470 | 82 | 535 | 75 | ||||||||||||||||||||||||||||||||
Other long-duration | 887 | 304 | 821 | 301 | 1,131 | 304 | ||||||||||||||||||||||||||||||||
Total | $ | 3,654 | $ | 3,691 | $ | 10,378 | $ | 3,446 | $ | 5,785 | $ | 3,320 |
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | At December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | Total
IBNR Liabilities Plus Expected Development on Reported Claims |
Cumulative Number of Reported Claims | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Incurral Year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | $ | 6,986 | $ | 6,919 | $ | 6,913 | $ | 6,910 | $ | 6,914 | $ | 6,919 | $ | 6,920 | $ | 6,918 | $ | 6,920 | $ | 6,921 | $ | 1 | 216,354 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | 7,040 | 7,015 | 7,014 | 7,021 | 7,024 | 7,025 | 7,026 | 7,026 | 7,028 | 1 | 219,102 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 7,125 | 7,085 | 7,095 | 7,104 | 7,105 | 7,104 | 7,107 | 7,109 | 2 | 221,155 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 7,432 | 7,418 | 7,425 | 7,427 | 7,428 | 7,428 | 7,432 | 2 | 264,341 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 7,757 | 7,655 | 7,646 | 7,650 | 7,651 | 7,652 | 2 | 252,744 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 7,935 | 7,900 | 7,907 | 7,917 | 7,914 | 4 | 254,564 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 8,913 | 9,367 | 9,389 | 9,384 | 11 | 299,634 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 10,555 | 10,795 | 10,777 | 23 | 332,964 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 9,640 | 9,653 | 44 | 331,022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 9,584 | 1,198 | 263,329 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 83,454 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | (80,287) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
All
outstanding liabilities for incurral years prior to 2014, net of reinsurance |
20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total unpaid claims and claim adjustment expenses, net of reinsurance | $ | 3,187 |
Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Incurral Year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | $ | 5,428 | $ | 6,809 | $ | 6,858 | $ | 6,869 | $ | 6,902 | $ | 6,912 | $ | 6,915 | $ | 6,916 | $ | 6,917 | $ | 6,919 | ||||||||||||||||||||||||||||||||||||||||||
2015 | 5,524 | 6,913 | 6,958 | 6,974 | 7,008 | 7,018 | 7,022 | 7,024 | 7,027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 5,582 | 6,980 | 7,034 | 7,053 | 7,086 | 7,096 | 7,100 | 7,106 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 5,761 | 7,292 | 7,355 | 7,374 | 7,400 | 7,414 | 7,427 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 6,008 | 7,521 | 7,578 | 7,595 | 7,629 | 7,646 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 6,178 | 7,756 | 7,820 | 7,853 | 7,898 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 6,862 | 9,103 | 9,242 | 9,296 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 8,008 | 10,476 | 10,640 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 7,101 | 9,399 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 6,929 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ | 80,287 |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Years | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Group Life - Term | 76.3% | 21.1% | 0.9% | 0.3% | 0.5% | 0.2% | 0.1% | —% | —% | —% |
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | At December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, |
Total
IBNR
Liabilities
Plus
Expected
Development
on
Reported
Claims |
Cumulative
Number
of
Reported
Claims | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Incurral Year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | $ | 1,076 | $ | 1,077 | $ | 1,079 | $ | 1,101 | $ | 1,109 | $ | 1,098 | $ | 1,097 | $ | 1,081 | $ | 1,078 | $ | 1,071 | $ | — | 22,854 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | 1,082 | 1,105 | 1,093 | 1,100 | 1,087 | 1,081 | 1,067 | 1,086 | 1,078 | — | 21,218 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 1,131 | 1,139 | 1,159 | 1,162 | 1,139 | 1,124 | 1,123 | 1,086 | — | 17,974 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 1,244 | 1,202 | 1,203 | 1,195 | 1,165 | 1,181 | 1,101 | — | 16,329 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 1,240 | 1,175 | 1,163 | 1,147 | 1,170 | 1,102 | — | 15,215 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 1,277 | 1,212 | 1,169 | 1,177 | 1,103 | — | 15,408 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 1,253 | 1,223 | 1,155 | 1,100 | — | 15,773 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 1,552 | 1,608 | 1,477 | 9 | 19,557 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 1,641 | 1,732 | 46 | 18,006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 1,725 | 793 | 10,994 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 12,575 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | (6,295) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
All outstanding liabilities for incurral years prior to 2014, net of reinsurance | 1,477 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total
unpaid claims and claim adjustment expenses, net of reinsurance |
$ | 7,757 |
Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Incurral Year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | $ | 51 | $ | 266 | $ | 428 | $ | 526 | $ | 609 | $ | 677 | $ | 732 | $ | 778 | $ | 818 | $ | 850 | ||||||||||||||||||||||||||||||||||||||||||
2015 | 50 | 264 | 427 | 524 | 601 | 665 | 718 | 764 | 801 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 49 | 267 | 433 | 548 | 628 | 696 | 750 | 769 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 56 | 290 | 476 | 579 | 655 | 719 | 718 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 54 | 314 | 497 | 594 | 666 | 663 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 57 | 342 | 522 | 620 | 621 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 59 | 355 | 535 | 560 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 95 | 505 | 620 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 76 | 609 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 84 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ | 6,295 |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Years |
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Group
Long-Term Disability |
5.0% | 24.0% | 14.9% | 8.3% | 6.0% | 4.8% | 3.7% | 3.4% | 3.6% | 3.0% |
December 31, 2023 | |||||||||||
(In millions) | |||||||||||
Short-Duration: |
|||||||||||
Unpaid
claims and allocated claims adjustment expenses, net of reinsurance: |
|||||||||||
Group
Benefits: |
|||||||||||
Group
Life - Term |
$ | 3,187 | |||||||||
Group
Long-Term Disability |
7,757 | ||||||||||
Total | $ | 10,944 | |||||||||
Other insurance lines - all segments combined | 894 | ||||||||||
Total unpaid claims and allocated claims adjustment expenses, net of reinsurance | 11,838 | ||||||||||
Reinsurance
recoverables on unpaid claims: |
|||||||||||
Group
Benefits: |
|||||||||||
Group
Life - Term |
8 | ||||||||||
Group
Long-Term Disability |
272 | ||||||||||
Total | 280 | ||||||||||
Other
insurance lines - all segments combined |
31 | ||||||||||
Total
reinsurance recoverable on unpaid claims |
311 | ||||||||||
Total
unpaid claims and allocated claims adjustment expense |
12,149 | ||||||||||
Discounting |
(1,325) | ||||||||||
Liability
for unpaid claims and claim adjustment liabilities - short-duration |
10,824 | ||||||||||
Liability for unpaid claims and claim adjustment liabilities - all long-duration lines | 785 | ||||||||||
Total
liability for unpaid claims and claim adjustment expense (included in future policy benefits and other policy-related balances) |
$ | 11,609 |
Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Balance at January 1, | $ | 11,300 | $ | 10,820 | $ | 9,791 | ||||||||||||||
Less:
Reinsurance recoverables |
1,633 | 1,857 | 1,209 | |||||||||||||||||
Net balance at January 1, | 9,667 | 8,963 | 8,582 | |||||||||||||||||
Incurred related to: | ||||||||||||||||||||
Current
year |
19,983 | 19,997 | 19,876 | |||||||||||||||||
Prior
years (1) |
14 | 359 | 567 | |||||||||||||||||
Total
incurred |
19,997 | 20,356 | 20,443 | |||||||||||||||||
Paid related to: | ||||||||||||||||||||
Current
year |
(14,484) | (14,439) | (15,331) | |||||||||||||||||
Prior
years |
(5,311) | (5,213) | (4,731) | |||||||||||||||||
Total
paid |
(19,795) | (19,652) | (20,062) | |||||||||||||||||
Net balance at December 31, | 9,869 | 9,667 | 8,963 | |||||||||||||||||
Add:
Reinsurance recoverables |
1,740 | 1,633 | 1,857 | |||||||||||||||||
Balance at December 31, | $ | 11,609 | $ | 11,300 | $ | 10,820 |
Group
Benefits
Group
Life |
RIS
Capital
Markets Investment Products and Stable Value GICs |
RIS
Annuities
and Risk Solutions |
MetLife Holdings Annuities | Other | Total | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 7,585 | $ | 60,641 | $ | 5,316 | $ | 15,012 | $ | 8,081 | $ | 96,635 | ||||||||||||||||||||||||||
Reclassification
of carrying amounts of contracts and contract features that are market risk benefits |
— | — | (1) | (494) | — | (495) | ||||||||||||||||||||||||||||||||
Other
balance sheet reclassifications and adjustments upon adoption of the LDTI standard |
— | — | 4,747 | — | 47 | 4,794 | ||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | $ | 7,585 | $ | 60,641 | $ | 10,062 | $ | 14,518 | $ | 8,128 | $ | 100,934 |
December 31, 2023 | December 31, 2022 | |||||||||||||
(In millions) | ||||||||||||||
Group
Benefits - Group Life |
$ | 7,605 | $ | 7,954 | ||||||||||
RIS: |
||||||||||||||
Capital Markets Investment Products and Stable Value GICs | 58,554 | 58,508 | ||||||||||||
Annuities and Risk Solutions | 10,650 | 10,244 | ||||||||||||
MetLife Holdings - Annuities | 10,888 | 12,598 | ||||||||||||
Other | 16,197 | 14,103 | ||||||||||||
Total | $ | 103,894 | $ | 103,407 |
Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
(Dollars
in millions) | ||||||||||||||||||||
Balance
at January 1, |
$ | 7,954 | $ | 7,889 | $ | 7,585 | ||||||||||||||
Deposits |
3,227 | 3,227 | 3,444 | |||||||||||||||||
Policy
charges |
(635) | (612) | (589) | |||||||||||||||||
Surrenders and withdrawals | (3,121) | (2,680) | (2,667) | |||||||||||||||||
Benefit
payments |
(12) | (10) | (9) | |||||||||||||||||
Net
transfers from (to) separate accounts |
— | (2) | (1) | |||||||||||||||||
Interest credited | 192 | 142 | 126 | |||||||||||||||||
Balance
at December 31, |
$ | 7,605 | $ | 7,954 | $ | 7,889 | ||||||||||||||
Weighted-average
annual crediting rate |
2.5 | % | 1.8 | % | 1.6 | % | ||||||||||||||
At
period end: |
||||||||||||||||||||
Cash surrender value | $ | 7,543 | $ | 7,900 | $ | 7,837 | ||||||||||||||
Net
amount at risk, excluding offsets from reinsurance: |
||||||||||||||||||||
In
the event of death (1) |
$ | 250,033 | $ | 244,638 | $ | 238,062 |
Range of GMCR | At GMCR | Greater
than 0% but less than 0.50% above GMCR |
Equal
to or greater than 0.50% but less than 1.50% above GMCR |
Equal to or greater than 1.50% above GMCR | Total
Account Value | |||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||
Equal
to or greater than 0% but less than 2% |
$ | — | $ | — | $ | 863 | $ | 4,558 | $ | 5,421 | ||||||||||||||||||||||
Equal
to or greater than 2% but less than 4% |
1,196 | 9 | 62 | 2 | 1,269 | |||||||||||||||||||||||||||
Equal
to or greater than 4% |
727 | 1 | 43 | 34 | 805 | |||||||||||||||||||||||||||
Products with either a fixed rate or no guaranteed minimum crediting rate | N/A | N/A | N/A | N/A | 110 | |||||||||||||||||||||||||||
Total | $ | 1,923 | $ | 10 | $ | 968 | $ | 4,594 | $ | 7,605 | ||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||
Equal
to or greater than 0% but less than 2% |
$ | — | $ | 899 | $ | 4,471 | $ | 236 | $ | 5,606 | ||||||||||||||||||||||
Equal
to or greater than 2% but less than 4% |
1,303 | 52 | 21 | — | 1,376 | |||||||||||||||||||||||||||
Equal
to or greater than 4% |
803 | 1 | 11 | 30 | 845 | |||||||||||||||||||||||||||
Products with either a fixed rate or no guaranteed minimum crediting rate | N/A | N/A | N/A | N/A | 127 | |||||||||||||||||||||||||||
Total | $ | 2,106 | $ | 952 | $ | 4,503 | $ | 266 | $ | 7,954 | ||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||
Equal
to or greater than 0% but less than 2% |
$ | 5,228 | $ | 132 | $ | — | $ | 131 | $ | 5,491 | ||||||||||||||||||||||
Equal
to or greater than 2% but less than 4% |
1,374 | 50 | 23 | — | 1,447 | |||||||||||||||||||||||||||
Equal
to or greater than 4% |
793 | — | — | 29 | 822 | |||||||||||||||||||||||||||
Products with either a fixed rate or no guaranteed minimum crediting rate | N/A | N/A | N/A | N/A | 129 | |||||||||||||||||||||||||||
Total | $ | 7,395 | $ | 182 | $ | 23 | $ | 160 | $ | 7,889 |
Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
(Dollars
in millions) | ||||||||||||||||||||
Balance
at January 1, |
$ | 58,508 | $ | 58,495 | $ | 60,641 | ||||||||||||||
Deposits |
62,605 | 74,689 | 72,504 | |||||||||||||||||
Surrenders and withdrawals | (65,444) | (75,129) | (75,079) | |||||||||||||||||
Interest credited | 1,907 | 1,190 | 885 | |||||||||||||||||
Effect
of foreign currency translation and other, net |
978 | (737) | (456) | |||||||||||||||||
Balance
at December 31, |
$ | 58,554 | $ | 58,508 | $ | 58,495 | ||||||||||||||
Weighted-average
annual crediting rate |
3.3 | % | 2.1 | % | 1.5 | % | ||||||||||||||
Cash
surrender value at period end |
$ | 1,583 | $ | 1,706 | $ | 1,571 |
Range of GMCR | At GMCR | Greater
than 0% but less than 0.50% above GMCR |
Equal
to or greater than 0.50% but less than 1.50% above GMCR |
Equal to or greater than 1.50% above GMCR | Total
Account Value | |||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||
Equal
to or greater than 0% but less than 2% |
$ | — | $ | — | $ | 1 | $ | 2,621 | $ | 2,622 | ||||||||||||||||||||||
Products with either a fixed rate or no guaranteed minimum crediting rate | N/A | N/A | N/A | N/A | 55,932 | |||||||||||||||||||||||||||
Total | $ | — | $ | — | $ | 1 | $ | 2,621 | $ | 58,554 | ||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||
Equal
to or greater than 0% but less than 2% |
$ | — | $ | — | $ | 1 | $ | 3,053 | $ | 3,054 | ||||||||||||||||||||||
Products with either a fixed rate or no guaranteed minimum crediting rate | N/A | N/A | N/A | N/A | 55,454 | |||||||||||||||||||||||||||
Total | $ | — | $ | — | $ | 1 | $ | 3,053 | $ | 58,508 | ||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||
Equal
to or greater than 0% but less than 2% |
$ | — | $ | 632 | $ | 3,542 | $ | 10 | $ | 4,184 | ||||||||||||||||||||||
Products with either a fixed rate or no guaranteed minimum crediting rate | N/A | N/A | N/A | N/A | 54,311 | |||||||||||||||||||||||||||
Total | $ | — | $ | 632 | $ | 3,542 | $ | 10 | $ | 58,495 |
Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
(Dollars
in millions) | ||||||||||||||||||||
Balance
at January 1, |
$ | 10,244 | $ | 10,009 | $ | 10,062 | ||||||||||||||
Deposits |
850 | 912 | 754 | |||||||||||||||||
Policy
charges |
(160) | (135) | (108) | |||||||||||||||||
Surrenders and withdrawals | (215) | (176) | (444) | |||||||||||||||||
Benefit
payments |
(547) | (555) | (570) | |||||||||||||||||
Net
transfers from (to) separate accounts |
53 | (1) | 10 | |||||||||||||||||
Interest credited | 427 | 396 | 388 | |||||||||||||||||
Other |
(2) | (206) | (83) | |||||||||||||||||
Balance
at December 31, |
$ | 10,650 | $ | 10,244 | $ | 10,009 | ||||||||||||||
Weighted-average
annual crediting rate |
4.2 | % | 4.0 | % | 4.0 | % | ||||||||||||||
At
period end: |
||||||||||||||||||||
Cash surrender value | $ | 6,798 | $ | 6,365 | $ | 5,637 | ||||||||||||||
Net
amount at risk, excluding offsets from ceded reinsurance: |
||||||||||||||||||||
In
the event of death (1) |
$ | 33,148 | $ | 33,908 | $ | 32,158 |
Range of GMCR | At GMCR | Greater
than 0% but less than 0.50% above GMCR |
Equal
to or greater than 0.50% but less than 1.50% above GMCR |
Equal to or greater than 1.50% above GMCR | Total
Account Value | |||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||
Equal
to or greater than 0% but less than 2% |
$ | — | $ | — | $ | 20 | $ | 1,490 | $ | 1,510 | ||||||||||||||||||||||
Equal
to or greater than 2% but less than 4% |
249 | 34 | 7 | 432 | 722 | |||||||||||||||||||||||||||
Equal
to or greater than 4% |
3,607 | — | 165 | 5 | 3,777 | |||||||||||||||||||||||||||
Products with either a fixed rate or no guaranteed minimum crediting rate | N/A | N/A | N/A | N/A | 4,641 | |||||||||||||||||||||||||||
Total | $ | 3,856 | $ | 34 | $ | 192 | $ | 1,927 | $ | 10,650 | ||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||
Equal
to or greater than 0% but less than 2% |
$ | — | $ | — | $ | 64 | $ | 1,201 | $ | 1,265 | ||||||||||||||||||||||
Equal
to or greater than 2% but less than 4% |
301 | 39 | 40 | 375 | 755 | |||||||||||||||||||||||||||
Equal
to or greater than 4% |
3,657 | 122 | 1 | 4 | 3,784 | |||||||||||||||||||||||||||
Products with either a fixed rate or no guaranteed minimum crediting rate | N/A | N/A | N/A | N/A | 4,440 | |||||||||||||||||||||||||||
Total | $ | 3,958 | $ | 161 | $ | 105 | $ | 1,580 | $ | 10,244 | ||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||
Equal
to or greater than 0% but less than 2% |
$ | — | $ | — | $ | 114 | $ | 490 | $ | 604 | ||||||||||||||||||||||
Equal
to or greater than 2% but less than 4% |
258 | 36 | 41 | 469 | 804 | |||||||||||||||||||||||||||
Equal
to or greater than 4% |
3,650 | 126 | 1 | 5 | 3,782 | |||||||||||||||||||||||||||
Products with either a fixed rate or no guaranteed minimum crediting rate | N/A | N/A | N/A | N/A | 4,819 | |||||||||||||||||||||||||||
Total | $ | 3,908 | $ | 162 | $ | 156 | $ | 964 | $ | 10,009 |
Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
(Dollars
in millions) | ||||||||||||||||||||
Balance
at January 1, |
$ | 12,598 | $ | 13,692 | $ | 14,518 | ||||||||||||||
Deposits | 172 | 229 | 274 | |||||||||||||||||
Policy
charges |
(12) | (13) | (13) | |||||||||||||||||
Surrenders and withdrawals | (1,916) | (1,453) | (1,341) | |||||||||||||||||
Benefit payments | (408) | (406) | (404) | |||||||||||||||||
Net transfers from (to) separate accounts | 72 | 198 | 237 | |||||||||||||||||
Interest credited | 359 | 375 | 394 | |||||||||||||||||
Other |
23 | (24) | 27 | |||||||||||||||||
Balance
at December 31, |
$ | 10,888 | $ | 12,598 | $ | 13,692 | ||||||||||||||
Weighted-average
annual crediting rate |
3.1 | % | 2.9 | % | 2.9 | % | ||||||||||||||
At
period end: |
||||||||||||||||||||
Cash surrender value | $ | 10,181 | $ | 11,688 | $ | 12,554 | ||||||||||||||
Net
amount at risk, excluding offsets from ceded reinsurance (1): |
||||||||||||||||||||
In
the event of death (2) |
$ | 2,821 | $ | 4,354 | $ | 1,119 | ||||||||||||||
At
annuitization or exercise of other living benefits (3) |
$ | 646 | $ | 917 | $ | 538 |
Range of GMCR | At GMCR | Greater
than 0% but less than 0.50% above GMCR |
Equal
to or greater than 0.50% but less than 1.50% above GMCR |
Equal to or greater than 1.50% above GMCR | Total
Account Value | |||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||
Equal
to or greater than 0% but less than 2% |
$ | 36 | $ | 307 | $ | 378 | $ | 252 | $ | 973 | ||||||||||||||||||||||
Equal
to or greater than 2% but less than 4% |
1,033 | 7,197 | 454 | 202 | 8,886 | |||||||||||||||||||||||||||
Equal
to or greater than 4% |
426 | 145 | 27 | — | 598 | |||||||||||||||||||||||||||
Products with either a fixed rate or no guaranteed minimum crediting rate | N/A | N/A | N/A | N/A | 431 | |||||||||||||||||||||||||||
Total | $ | 1,495 | $ | 7,649 | $ | 859 | $ | 454 | $ | 10,888 | ||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||
Equal
to or greater than 0% but less than 2% |
$ | 934 | $ | 4 | $ | 8 | $ | 16 | $ | 962 | ||||||||||||||||||||||
Equal
to or greater than 2% but less than 4% |
9,381 | 892 | 186 | 12 | 10,471 | |||||||||||||||||||||||||||
Equal
to or greater than 4% |
593 | 43 | — | — | 636 | |||||||||||||||||||||||||||
Products with either a fixed rate or no guaranteed minimum crediting rate | N/A | N/A | N/A | N/A | 529 | |||||||||||||||||||||||||||
Total | $ | 10,908 | $ | 939 | $ | 194 | $ | 28 | $ | 12,598 | ||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||
Equal
to or greater than 0% but less than 2% |
$ | 1,066 | $ | 7 | $ | 14 | $ | 11 | $ | 1,098 | ||||||||||||||||||||||
Equal
to or greater than 2% but less than 4% |
10,671 | 299 | 192 | 1 | 11,163 | |||||||||||||||||||||||||||
Equal
to or greater than 4% |
623 | 40 | — | — | 663 | |||||||||||||||||||||||||||
Products with either a fixed rate or no guaranteed minimum crediting rate | N/A | N/A | N/A | N/A | 768 | |||||||||||||||||||||||||||
Total | $ | 12,360 | $ | 346 | $ | 206 | $ | 12 | $ | 13,692 |
MetLife
Holdings Annuities |
Other | Total | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Direct and assumed MRB liabilities at December 31, 2020 | $ | — | $ | — | $ | — | ||||||||||||||
Reclassification
of carrying amounts of contracts and contract features that are market risk benefits |
1,882 | 1 | 1,883 | |||||||||||||||||
Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and Transition Date | (9) | (17) | (26) | |||||||||||||||||
Adjustments for the difference between the fair value of the MRB balance, excluding the cumulative effect of changes in nonperformance risk, and the historical carrying value | 4,728 | 204 | 4,932 | |||||||||||||||||
Direct and assumed MRB liabilities at January 1, 2021 | $ | 6,601 | $ | 188 | $ | 6,789 |
December
31, | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||
Asset | Liability | Net | Asset | Liability | Net | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
MetLife Holdings - Annuities | $ | 156 | $ | 2,858 | $ | 2,702 | $ | 153 | $ | 3,224 | $ | 3,071 | ||||||||||||||||||||||||||
Other |
21 | 20 | (1) | 21 | 46 | 25 | ||||||||||||||||||||||||||||||||
Total |
$ | 177 | $ | 2,878 | $ | 2,701 | $ | 174 | $ | 3,270 | $ | 3,096 |
Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Balance
at January 1, |
$ | 3,071 | $ | 5,715 | $ | 6,601 | ||||||||||||||
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk | $ | 3,164 | $ | 6,017 | $ | 6,610 | ||||||||||||||
Attributed fees collected | 315 | 316 | 320 | |||||||||||||||||
Benefit payments | (57) | (42) | (41) | |||||||||||||||||
Effect of changes in interest rates | (156) | (3,584) | (524) | |||||||||||||||||
Effect of changes in capital markets | (734) | 896 | (934) | |||||||||||||||||
Effect of changes in equity index volatility | (120) | 41 | 20 | |||||||||||||||||
Actual policyholder behavior different from expected behavior | 115 | 3 | (46) | |||||||||||||||||
Effect of changes in future expected policyholder behavior and other assumptions (1) | 9 | (317) | 557 | |||||||||||||||||
Effect of foreign currency translation and other, net (2) | 219 | 72 | 399 | |||||||||||||||||
Effect of changes in risk margin | (14) | (238) | (344) | |||||||||||||||||
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk | 2,741 | 3,164 | 6,017 | |||||||||||||||||
Cumulative effect of changes in the instrument-specific credit risk | (39) | (93) | (302) | |||||||||||||||||
Balance at December 31, | $ | 2,702 | $ | 3,071 | $ | 5,715 | ||||||||||||||
At
period end: |
||||||||||||||||||||
Net amount at risk, excluding offsets from hedging (3): | ||||||||||||||||||||
In the event of death (4) | $ | 2,821 | $ | 4,354 | $ | 1,119 | ||||||||||||||
At annuitization or exercise of other living benefits (5) | $ | 646 | $ | 917 | $ | 538 | ||||||||||||||
Weighted-average
attained age of contractholders: |
||||||||||||||||||||
In the event of death (4) | 70 years | 69 years | 70 years | |||||||||||||||||
At annuitization or exercise of other living benefits (5) | 70 years | 69 years | 67 years |
Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Balance
at January 1, |
$ | 25 | $ | 286 | $ | 188 | ||||||||||||||
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk | $ | 34 | $ | 322 | $ | 205 | ||||||||||||||
Attributed fees collected | 2 | 2 | 2 | |||||||||||||||||
Effect of changes in interest rates | (9) | (156) | (63) | |||||||||||||||||
Effect of changes in capital markets | — | (2) | (5) | |||||||||||||||||
Actual policyholder behavior different from expected behavior | (26) | (5) | (4) | |||||||||||||||||
Effect of changes in future expected policyholder behavior and other assumptions | 1 | (2) | 63 | |||||||||||||||||
Effect of foreign currency translation and other, net | — | (125) | 124 | |||||||||||||||||
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk | 2 | 34 | 322 | |||||||||||||||||
Cumulative effect of changes in the instrument-specific credit risk | (3) | (9) | (36) | |||||||||||||||||
Balance at December 31, | $ | (1) | $ | 25 | $ | 286 | ||||||||||||||
December 31, 2023 | December 31, 2022 | ||||||||||
(In millions) | |||||||||||
RIS: |
|||||||||||
Stable
Value and Risk Solutions |
$ | 35,562 | $ | 43,249 | |||||||
Annuities |
11,659 | 11,694 | |||||||||
MetLife Holdings - Annuities | 29,162 | 28,443 | |||||||||
Other |
6,814 | 5,855 | |||||||||
Total
|
$ | 83,197 | $ | 89,241 |
RIS Stable Value and Risk Solutions |
RIS Annuities |
MetLife
Holdings Annuities | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Balance, January 1, 2021 | $ | 58,704 | $ | 21,895 | $ | 40,755 | ||||||||||||||
Premiums and deposits | 3,411 | 944 | 298 | |||||||||||||||||
Policy charges | (263) | (35) | (788) | |||||||||||||||||
Surrenders and withdrawals | (8,170) | (2,457) | (4,454) | |||||||||||||||||
Benefit payments | (137) | — | (500) | |||||||||||||||||
Investment performance | 400 | 1,189 | 5,023 | |||||||||||||||||
Net transfers from (to) general account | (41) | 30 | (237) | |||||||||||||||||
Other
|
487 | (274) | (1) | |||||||||||||||||
Balance, December 31, 2021 | $ | 54,391 | $ | 21,292 | $ | 40,096 | ||||||||||||||
Premiums and deposits | 4,329 | 1,233 | 266 | |||||||||||||||||
Policy charges | (263) | (25) | (665) | |||||||||||||||||
Surrenders and withdrawals | (5,882) | (7,481) | (2,906) | |||||||||||||||||
Benefit payments | (108) | — | (431) | |||||||||||||||||
Investment performance | (4,492) | (2,823) | (7,722) | |||||||||||||||||
Net transfers from (to) general account | 57 | (56) | (199) | |||||||||||||||||
Other (1) | (4,783) | (446) | 4 | |||||||||||||||||
Balance, December 31, 2022 | $ | 43,249 | $ | 11,694 | $ | 28,443 | ||||||||||||||
Premiums and deposits | 1,643 | 175 | 256 | |||||||||||||||||
Policy charges | (232) | (21) | (608) | |||||||||||||||||
Surrenders and withdrawals | (11,087) | (944) | (2,942) | |||||||||||||||||
Benefit payments | (95) | — | (464) | |||||||||||||||||
Investment performance | 2,241 | 774 | 4,548 | |||||||||||||||||
Net transfers from (to) general account | (56) | 3 | (73) | |||||||||||||||||
Other
|
(101) | (22) | 2 | |||||||||||||||||
Balance, December 31, 2023 | $ | 35,562 | $ | 11,659 | $ | 29,162 | ||||||||||||||
Cash surrender value at December 31, 2021 (2) | $ | 44,774 | N/A | $ | 39,855 | |||||||||||||||
Cash surrender value at December 31, 2022 (2) | $ | 38,420 | N/A | $ | 28,292 | |||||||||||||||
Cash surrender value at December 31, 2023 (2) | $ | 30,841 | N/A | 29,016 |
December 31, 2023 | ||||||||||||||||||||||||||
Group
Benefits |
RIS |
MetLife Holdings | Total | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Fixed
maturity securities: |
||||||||||||||||||||||||||
Bonds: | ||||||||||||||||||||||||||
Foreign government | $ | — | $ | 509 | $ | — | $ | 509 | ||||||||||||||||||
U.S. government and agency | — | 9,603 | — | 9,603 | ||||||||||||||||||||||
Public utilities | — | 1,066 | — | 1,066 | ||||||||||||||||||||||
Municipals | — | 346 | — | 346 | ||||||||||||||||||||||
Corporate
bonds: |
||||||||||||||||||||||||||
Materials | — | 143 | — | 143 | ||||||||||||||||||||||
Communications | — | 883 | — | 883 | ||||||||||||||||||||||
Consumer | — | 1,843 | — | 1,843 | ||||||||||||||||||||||
Energy | — | 906 | — | 906 | ||||||||||||||||||||||
Financial | — | 2,670 | — | 2,670 | ||||||||||||||||||||||
Industrial and other | — | 757 | — | 757 | ||||||||||||||||||||||
Technology | — | 541 | — | 541 | ||||||||||||||||||||||
Foreign | — | 1,889 | — | 1,889 | ||||||||||||||||||||||
Total corporate bonds | — | 9,632 | — | 9,632 | ||||||||||||||||||||||
Total bonds | — | 21,156 | — | 21,156 | ||||||||||||||||||||||
Mortgage-backed securities | — | 9,515 | — | 9,515 | ||||||||||||||||||||||
Asset-backed
securities and collateralized loan obligations |
— | 2,341 | — | 2,341 | ||||||||||||||||||||||
Redeemable preferred stock | — | 9 | — | 9 | ||||||||||||||||||||||
Total
fixed maturity securities |
— | 33,021 | — | 33,021 | ||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||
Common stock: | ||||||||||||||||||||||||||
Industrial, miscellaneous and all other | — | 2,338 | — | 2,338 | ||||||||||||||||||||||
Banks, trust and insurance companies | — | 716 | — | 716 | ||||||||||||||||||||||
Public utilities | — | 65 | — | 65 | ||||||||||||||||||||||
Non-redeemable preferred stock | — | — | — | — | ||||||||||||||||||||||
Mutual funds | 1,159 | 3,672 | 34,728 | 39,559 | ||||||||||||||||||||||
Total equity securities | 1,159 | 6,791 | 34,728 | 42,678 | ||||||||||||||||||||||
Other invested assets | — | 1,425 | — | 1,425 | ||||||||||||||||||||||
Total investments | 1,159 | 41,237 | 34,728 | 77,124 | ||||||||||||||||||||||
Other
assets |
— | 6,073 | — | 6,073 | ||||||||||||||||||||||
Total | $ | 1,159 | $ | 47,310 | $ | 34,728 | $ | 83,197 |
December 31, 2022 | ||||||||||||||||||||||||||
Group
Benefits (1) |
RIS
(1) |
MetLife Holdings | Total | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Fixed
maturity securities: |
||||||||||||||||||||||||||
Bonds: | ||||||||||||||||||||||||||
Foreign government | $ | — | $ | 588 | $ | — | $ | 588 | ||||||||||||||||||
U.S. government and agency | — | 11,189 | — | 11,189 | ||||||||||||||||||||||
Public utilities | — | 1,174 | — | 1,174 | ||||||||||||||||||||||
Municipals | — | 475 | — | 475 | ||||||||||||||||||||||
Corporate
bonds: |
||||||||||||||||||||||||||
Materials | — | 242 | — | 242 | ||||||||||||||||||||||
Communications | — | 1,174 | — | 1,174 | ||||||||||||||||||||||
Consumer | — | 2,365 | — | 2,365 | ||||||||||||||||||||||
Energy | — | 861 | — | 861 | ||||||||||||||||||||||
Financial | — | 3,495 | — | 3,495 | ||||||||||||||||||||||
Industrial and other | — | 876 | — | 876 | ||||||||||||||||||||||
Technology | — | 711 | — | 711 | ||||||||||||||||||||||
Foreign | — | 2,451 | — | 2,451 | ||||||||||||||||||||||
Total corporate bonds | — | 12,175 | — | 12,175 | ||||||||||||||||||||||
Total bonds | — | 25,601 | — | 25,601 | ||||||||||||||||||||||
Mortgage-backed securities | — | 12,202 | — | 12,202 | ||||||||||||||||||||||
Asset-backed
securities and collateralized loan obligations |
— | 2,763 | — | 2,763 | ||||||||||||||||||||||
Redeemable preferred stock | — | 4 | — | 4 | ||||||||||||||||||||||
Total
fixed maturity securities |
— | 40,570 | — | 40,570 | ||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||
Common stock: | ||||||||||||||||||||||||||
Industrial, miscellaneous and all other | — | 2,853 | — | 2,853 | ||||||||||||||||||||||
Banks, trust and insurance companies | — | 586 | — | 586 | ||||||||||||||||||||||
Public utilities | — | 94 | — | 94 | ||||||||||||||||||||||
Non-redeemable preferred stock | — | 2 | — | 2 | ||||||||||||||||||||||
Mutual funds | 988 | 3,367 | 33,231 | 37,586 | ||||||||||||||||||||||
Total equity securities | 988 | 6,902 | 33,231 | 41,121 | ||||||||||||||||||||||
Other invested assets | 2 | 1,634 | — | 1,636 | ||||||||||||||||||||||
Total investments | 990 | 49,106 | 33,231 | 83,327 | ||||||||||||||||||||||
Other
assets |
— | 5,914 | — | 5,914 | ||||||||||||||||||||||
Total | $ | 990 | $ | 55,020 | $ | 33,231 | $ | 89,241 |
Group
Benefits (1) |
RIS
(1) |
MetLife Holdings | Total | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
DAC: | |||||||||||||||||||||||
Balance at December 31, 2020 | $ | 278 | $ | 100 | $ | 2,248 | $ | 2,626 | |||||||||||||||
Removal of related amounts in AOCI | — | — | 1,480 | 1,480 | |||||||||||||||||||
Other adjustments upon adoption of the LDTI standard | — | — | 12 | 12 | |||||||||||||||||||
Balance at January 1, 2021 | $ | 278 | $ | 100 | $ | 3,740 | $ | 4,118 | |||||||||||||||
VOBA: | |||||||||||||||||||||||
Balance at December 31, 2020 | $ | — | $ | 20 | $ | 3 | $ | 23 | |||||||||||||||
Removal of related amounts in AOCI | — | — | 2 | 2 | |||||||||||||||||||
Balance at January 1, 2021 | $ | — | $ | 20 | $ | 5 | $ | 25 | |||||||||||||||
UREV: | |||||||||||||||||||||||
Balance at December 31, 2020 | $ | — | $ | 22 | $ | 157 | $ | 179 | |||||||||||||||
Removal of related amounts in AOCI | — | — | — | — | |||||||||||||||||||
Balance at January 1, 2021 | $ | — | $ | 22 | $ | 157 | $ | 179 |
Group
Benefits (1) |
RIS
(1) |
MetLife
Holdings (2) |
Corporate & Other | Total | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
DAC: |
|||||||||||||||||||||||||||||
Balance at January 1, 2021 | $ | 278 | $ | 100 | $ | 3,740 | $ | — | $ | 4,118 | |||||||||||||||||||
Capitalizations | 19 | 40 | (2) | 6 | 63 | ||||||||||||||||||||||||
Amortization | (25) | (28) | (281) | — | (334) | ||||||||||||||||||||||||
Balance at December 31, 2021 | 272 | 112 | 3,457 | 6 | 3,847 | ||||||||||||||||||||||||
Capitalizations | 18 | 51 | — | 120 | 189 | ||||||||||||||||||||||||
Amortization | (26) | (26) | (237) | (6) | (295) | ||||||||||||||||||||||||
Balance at December 31, 2022 | 264 | 137 | 3,220 | 120 | 3,741 | ||||||||||||||||||||||||
Capitalizations | 18 | 46 | (1) | 55 | 118 | ||||||||||||||||||||||||
Amortization | (27) | (28) | (224) | (17) | (296) | ||||||||||||||||||||||||
Other
(3) |
— | — | (272) | — | (272) | ||||||||||||||||||||||||
Balance at December 31, 2023 | $ | 255 | $ | 155 | $ | 2,723 | $ | 158 | $ | 3,291 | |||||||||||||||||||
Total
DAC and VOBA: |
|||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 3,865 | |||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | 3,757 | |||||||||||||||||||||||||||
Balance at December 31, 2023 | $ | 3,305 |
Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
VODA and VOCRA: | ||||||||||||||||||||
Balance
at January 1, |
$ | 99 | $ | 116 | $ | 135 | ||||||||||||||
Amortization |
(15) | (17) | (19) | |||||||||||||||||
Balance
at December 31, |
$ | 84 | $ | 99 | $ | 116 | ||||||||||||||
Accumulated
amortization |
$ | 373 | $ | 358 | $ | 341 |
RIS
(1) |
MetLife Holdings | Total | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Balance at January 1, 2021 | $ | 22 | $ | 157 | $ | 179 | ||||||||||||||
Deferrals | 3 | 49 | 52 | |||||||||||||||||
Amortization | (4) | (11) | (15) | |||||||||||||||||
Balance at December 31, 2021 | 21 | 195 | 216 | |||||||||||||||||
Deferrals | 1 | 45 | 46 | |||||||||||||||||
Amortization | (4) | (13) | (17) | |||||||||||||||||
Balance at December 31, 2022 | 18 | 227 | 245 | |||||||||||||||||
Deferrals | 2 | 33 | 35 | |||||||||||||||||
Amortization | (4) | (14) | (18) | |||||||||||||||||
Other
(2) |
— | (241) | (241) | |||||||||||||||||
Balance at December 31, 2023 | $ | 16 | $ | 5 | $ | 21 |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
(In millions) | |||||||||||||||||
Premiums | |||||||||||||||||
Direct premiums | $ | 25,027 | $ | 31,265 | $ | 23,005 | |||||||||||
Reinsurance assumed | 847 | 872 | 4,121 | ||||||||||||||
Reinsurance ceded | (1,156) | (948) | (938) | ||||||||||||||
Net premiums | $ | 24,718 | $ | 31,189 | $ | 26,188 | |||||||||||
Universal life and investment-type product policy fees | |||||||||||||||||
Direct universal life and investment-type product policy fees | $ | 2,019 | $ | 2,079 | $ | 2,173 | |||||||||||
Reinsurance assumed | (17) | 30 | (16) | ||||||||||||||
Reinsurance ceded | (338) | (292) | (283) | ||||||||||||||
Net universal life and investment-type product policy fees | $ | 1,664 | $ | 1,817 | $ | 1,874 | |||||||||||
Other revenues | |||||||||||||||||
Direct other revenues | $ | 1,025 | $ | 1,025 | $ | 1,066 | |||||||||||
Reinsurance assumed | 125 | 54 | 13 | ||||||||||||||
Reinsurance ceded | 523 | 615 | 537 | ||||||||||||||
Net other revenues | $ | 1,673 | $ | 1,694 | $ | 1,616 | |||||||||||
Policyholder benefits and claims | |||||||||||||||||
Direct policyholder benefits and claims | $ | 26,768 | $ | 33,433 | $ | 26,322 | |||||||||||
Reinsurance assumed | 708 | 856 | 3,962 | ||||||||||||||
Reinsurance ceded | (1,326) | (1,156) | (1,200) | ||||||||||||||
Net policyholder benefits and claims | $ | 26,150 | $ | 33,133 | $ | 29,084 | |||||||||||
Policyholder liability remeasurement (gains) losses | |||||||||||||||||
Direct policyholder liability remeasurement (gains) losses | $ | (87) | $ | 43 | $ | (19) | |||||||||||
Reinsurance assumed | (48) | (39) | 31 | ||||||||||||||
Reinsurance ceded | (15) | (15) | (12) | ||||||||||||||
Net policyholder liability remeasurement (gains) losses | $ | (150) | $ | (11) | $ | — | |||||||||||
Market risk benefits remeasurement (gains) losses | |||||||||||||||||
Direct market risk benefits remeasurement (gains) losses | $ | (701) | $ | (3,389) | $ | (758) | |||||||||||
Reinsurance assumed | (2) | 10 | — | ||||||||||||||
Reinsurance ceded | — | — | — | ||||||||||||||
Net market risk benefits remeasurement (gains) losses | $ | (703) | $ | (3,379) | $ | (758) | |||||||||||
Interest credited to policyholder account balances | |||||||||||||||||
Direct interest credited to policyholder account balances | $ | 3,276 | $ | 2,418 | $ | 2,157 | |||||||||||
Reinsurance assumed | 354 | 109 | 43 | ||||||||||||||
Reinsurance ceded | (28) | (18) | (15) | ||||||||||||||
Net interest credited to policyholder account balances | $ | 3,602 | $ | 2,509 | $ | 2,185 | |||||||||||
Other expenses | |||||||||||||||||
Direct other expenses | $ | 5,365 | $ | 5,026 | $ | 4,551 | |||||||||||
Reinsurance assumed | 280 | 97 | 162 | ||||||||||||||
Reinsurance ceded | 140 | 580 | 987 | ||||||||||||||
Net other expenses | $ | 5,785 | $ | 5,703 | $ | 5,700 |
December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Direct | Assumed | Ceded | Total
Balance Sheet |
Direct | Assumed | Ceded | Total
Balance Sheet | ||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Premiums,
reinsurance and other
receivables |
$ | 3,287 | $ | 736 | $ | 24,213 | $ | 28,236 | $ | 2,952 | $ | 1,302 | $ | 16,537 | $ | 20,791 | |||||||||||||||||||||||||||||||
Market risk benefits | 170 | 7 | — | 177 | 167 | 7 | — | 174 | |||||||||||||||||||||||||||||||||||||||
Deferred
policy acquisition costs and
value
of business acquired |
3,628 | 158 | (481) | 3,305 | 3,860 | 120 | (223) | 3,757 | |||||||||||||||||||||||||||||||||||||||
Total assets | $ | 7,085 | $ | 901 | $ | 23,732 | $ | 31,718 | $ | 6,979 | $ | 1,429 | $ | 16,314 | $ | 24,722 | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Future policy benefits | $ | 125,885 | $ | 3,297 | $ | — | $ | 129,182 | $ | 123,335 | $ | 3,579 | $ | — | $ | 126,914 | |||||||||||||||||||||||||||||||
Policyholder account balances | 94,825 | 9,069 | — | 103,894 | 97,162 | 6,245 | — | 103,407 | |||||||||||||||||||||||||||||||||||||||
Market risk benefits | 2,863 | 15 | — | 2,878 | 3,255 | 15 | — | 3,270 | |||||||||||||||||||||||||||||||||||||||
Other policy-related balances | 8,186 | 384 | (281) | 8,289 | 7,596 | 358 | (23) | 7,931 | |||||||||||||||||||||||||||||||||||||||
Other liabilities | 7,800 | 2,112 | 13,807 | 23,719 | 8,718 | 2,160 | 13,617 | 24,495 | |||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 239,559 | $ | 14,877 | $ | 13,526 | $ | 267,962 | $ | 240,066 | $ | 12,357 | $ | 13,594 | $ | 266,017 |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
(In millions) | |||||||||||||||||
Premiums | |||||||||||||||||
Reinsurance assumed | $ | (19) | $ | 7 | $ | 3,237 | |||||||||||
Reinsurance ceded | (372) | (139) | (114) | ||||||||||||||
Net premiums | $ | (391) | $ | (132) | $ | 3,123 | |||||||||||
Universal life and investment-type product policy fees | |||||||||||||||||
Reinsurance assumed | $ | 4 | $ | — | $ | 1 | |||||||||||
Reinsurance ceded | (6) | (4) | (9) | ||||||||||||||
Net universal life and investment-type product policy fees | $ | (2) | $ | (4) | $ | (8) | |||||||||||
Other revenues | |||||||||||||||||
Reinsurance assumed | $ | 91 | $ | 78 | $ | (11) | |||||||||||
Reinsurance ceded | 471 | 472 | 505 | ||||||||||||||
Net other revenues | $ | 562 | $ | 550 | $ | 494 | |||||||||||
Policyholder benefits and claims | |||||||||||||||||
Reinsurance assumed | $ | (121) | $ | 52 | $ | 3,141 | |||||||||||
Reinsurance ceded | (310) | (142) | (146) | ||||||||||||||
Net policyholder benefits and claims | $ | (431) | $ | (90) | $ | 2,995 | |||||||||||
Policyholder liability remeasurement (gains) losses | |||||||||||||||||
Reinsurance assumed | $ | (40) | $ | (47) | $ | 10 | |||||||||||
Reinsurance ceded | (11) | (9) | (2) | ||||||||||||||
Net policyholder liability remeasurement (gains) losses | $ | (51) | $ | (56) | $ | 8 | |||||||||||
Interest credited to policyholder account balances | |||||||||||||||||
Reinsurance assumed | $ | 344 | $ | 97 | $ | 31 | |||||||||||
Reinsurance ceded | (11) | (12) | (12) | ||||||||||||||
Net interest credited to policyholder account balances | $ | 333 | $ | 85 | $ | 19 | |||||||||||
Other expenses | |||||||||||||||||
Reinsurance assumed | $ | 239 | $ | 36 | $ | 89 | |||||||||||
Reinsurance ceded | 220 | 651 | 1,065 | ||||||||||||||
Net other expenses | $ | 459 | $ | 687 | $ | 1,154 |
December 31, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
Assumed | Ceded | Assumed | Ceded | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Premiums, reinsurance and other receivables | $ | 164 | $ | 11,302 | $ | 723 | $ | 11,303 | ||||||||||||||||||
Deferred policy acquisition costs and value of business acquired | 158 | (160) | 120 | (164) | ||||||||||||||||||||||
Total assets | $ | 322 | $ | 11,142 | $ | 843 | $ | 11,139 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Future policy benefits | $ | 2,236 | $ | — | $ | 2,484 | $ | — | ||||||||||||||||||
Policyholder account balances | 9,040 | — | 6,216 | — | ||||||||||||||||||||||
Other policy-related balances | 65 | (35) | 61 | (23) | ||||||||||||||||||||||
Other liabilities | 957 | 10,267 | 910 | 10,380 | ||||||||||||||||||||||
Total liabilities | $ | 12,298 | $ | 10,232 | $ | 9,671 | $ | 10,357 |
December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
(In millions) | ||||||||||||||
Closed
Block Liabilities |
||||||||||||||
Future
policy benefits |
$ | 36,142 | $ | 37,222 | ||||||||||
Other
policy-related balances |
319 | 273 | ||||||||||||
Policyholder
dividends payable |
174 | 181 | ||||||||||||
Other
liabilities |
668 | 455 | ||||||||||||
Total
closed block liabilities |
37,303 | 38,131 | ||||||||||||
Assets
Designated to the Closed Block |
||||||||||||||
Investments: |
||||||||||||||
Fixed
maturity securities available-for-sale, at estimated fair value |
19,939 | 19,648 | ||||||||||||
Mortgage
loans |
6,151 | 6,564 | ||||||||||||
Policy
loans |
3,960 | 4,084 | ||||||||||||
Real
estate and real estate joint ventures |
668 | 635 | ||||||||||||
Other
invested assets |
506 | 705 | ||||||||||||
Total
investments |
31,224 | 31,636 | ||||||||||||
Cash
and cash equivalents |
717 | 437 | ||||||||||||
Accrued
investment income |
383 | 375 | ||||||||||||
Premiums,
reinsurance and other receivables |
54 | 52 | ||||||||||||
Current
income tax recoverable |
3 | 88 | ||||||||||||
Deferred
income tax asset |
312 | 423 | ||||||||||||
Total
assets designated to the closed block |
32,693 | 33,011 | ||||||||||||
Excess
of closed block liabilities over assets designated to the closed block |
4,610 | 5,120 | ||||||||||||
AOCI: | ||||||||||||||
Unrealized
investment gains (losses), net of income tax |
(820) | (1,357) | ||||||||||||
Unrealized
gains (losses) on derivatives, net of income tax |
130 | 262 | ||||||||||||
Total
amounts included in AOCI |
(690) | (1,095) | ||||||||||||
Maximum
future earnings to be recognized from closed block assets and liabilities |
$ | 3,920 | $ | 4,025 |
Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Balance
at January 1, |
$ | — | $ | 1,682 | $ | 2,969 | ||||||||||||||
Change
in unrealized investment and derivative gains (losses) |
— | (1,682) | (1,287) | |||||||||||||||||
Balance
at December 31, |
$ | — | $ | — | $ | 1,682 |
Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Revenues |
||||||||||||||||||||
Premiums |
$ | 922 | $ | 1,104 | $ | 1,298 | ||||||||||||||
Net
investment income |
1,362 | 1,382 | 1,541 | |||||||||||||||||
Net
investment gains (losses) |
7 | (51) | (36) | |||||||||||||||||
Net
derivative gains (losses) |
— | 33 | 18 | |||||||||||||||||
Total
revenues |
2,291 | 2,468 | 2,821 | |||||||||||||||||
Expenses |
||||||||||||||||||||
Policyholder
benefits and claims |
1,706 | 1,890 | 2,150 | |||||||||||||||||
Policyholder
dividends |
366 | 458 | 626 | |||||||||||||||||
Other
expenses |
86 | 90 | 96 | |||||||||||||||||
Total
expenses |
2,158 | 2,438 | 2,872 | |||||||||||||||||
Revenues,
net of expenses before provision for income tax expense (benefit) |
133 | 30 | (51) | |||||||||||||||||
Provision
for income tax expense (benefit) |
28 | 6 | (11) | |||||||||||||||||
Revenues,
net of expenses and provision for income tax expense (benefit) |
$ | 105 | $ | 24 | $ | (40) |
December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized
Cost |
Gross Unrealized | Estimated Fair Value |
Amortized
Cost |
Gross Unrealized | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sector | Allowance for Credit Loss | Gains | Losses | Allowance for Credit Loss | Gains | Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S.
corporate |
$ | 52,479 | $ | (62) | $ | 1,126 | $ | 3,050 | $ | 50,493 | $ | 55,280 | $ | (28) | $ | 649 | $ | 4,811 | $ | 51,090 | ||||||||||||||||||||||||||||||||||||||||||
Foreign
corporate |
27,520 | (2) | 536 | 2,839 | 25,215 | 28,328 | (3) | 206 | 4,538 | 23,993 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S.
government and agency |
23,100 | — | 243 | 2,283 | 21,060 | 24,409 | — | 333 | 2,384 | 22,358 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
RMBS |
20,700 | (1) | 228 | 1,979 | 18,948 | 21,539 | — | 177 | 2,383 | 19,333 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
ABS & CLO | 12,049 | (6) | 30 | 432 | 11,641 | 12,639 | — | 9 | 812 | 11,836 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipals |
6,429 | — | 318 | 428 | 6,319 | 7,880 | — | 256 | 672 | 7,464 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
CMBS |
6,387 | (11) | 28 | 570 | 5,834 | 6,691 | (15) | 7 | 640 | 6,043 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign
government |
3,416 | (50) | 156 | 227 | 3,295 | 3,711 | (68) | 140 | 324 | 3,459 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total
fixed maturity securities AFS |
$ | 152,080 | $ | (132) | $ | 2,665 | $ | 11,808 | $ | 142,805 | $ | 160,477 | $ | (114) | $ | 1,777 | $ | 16,564 | $ | 145,576 |
Due
in One
Year
or Less |
Due
After One
Year
Through
Five
Years |
Due
After Five
Years
Through Ten
Years |
Due
After Ten
Years |
Structured
Products |
Total
Fixed
Maturity
Securities
AFS | ||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Amortized cost, net of ACL | $ | 4,011 | $ | 24,416 | $ | 27,330 | $ | 57,073 | $ | 39,118 | $ | 151,948 | |||||||||||||||||||||||
Estimated
fair value |
$ | 3,949 | $ | 23,787 | $ | 26,459 | $ | 52,187 | $ | 36,423 | $ | 142,805 |
December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2023 |
2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 Months | Equal
to or Greater than 12 Months |
Less than 12 Months | Equal
to or Greater than 12 Months | ||||||||||||||||||||||||||||||||||||||||||||
Sector & Credit Quality | Estimated Fair Value |
Gross Unrealized Losses |
Estimated Fair Value |
Gross Unrealized Losses |
Estimated Fair Value |
Gross Unrealized Losses |
Estimated Fair Value |
Gross Unrealized Losses | |||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate | $ | 3,537 | $ | 95 | $ | 25,752 | $ | 2,924 | $ | 34,358 | $ | 3,953 | $ | 3,383 | $ | 856 | |||||||||||||||||||||||||||||||
Foreign corporate | 714 | 64 | 16,982 | 2,775 | 16,834 | 3,350 | 3,977 | 1,188 | |||||||||||||||||||||||||||||||||||||||
U.S. government and agency | 4,322 | 228 | 9,980 | 2,055 | 13,489 | 1,895 | 2,756 | 489 | |||||||||||||||||||||||||||||||||||||||
RMBS | 1,470 | 37 | 12,813 | 1,941 | 11,622 | 1,280 | 4,585 | 1,103 | |||||||||||||||||||||||||||||||||||||||
ABS & CLO | 937 | 20 | 8,250 | 410 | 7,725 | 499 | 3,009 | 313 | |||||||||||||||||||||||||||||||||||||||
Municipals | 262 | 10 | 2,102 | 418 | 3,526 | 616 | 133 | 56 | |||||||||||||||||||||||||||||||||||||||
CMBS | 587 | 23 | 4,096 | 542 | 4,376 | 426 | 1,254 | 213 | |||||||||||||||||||||||||||||||||||||||
Foreign government | 431 | 12 | 1,452 | 212 | 1,803 | 209 | 306 | 115 | |||||||||||||||||||||||||||||||||||||||
Total fixed maturity securities AFS | $ | 12,260 | $ | 489 | $ | 81,427 | $ | 11,277 | $ | 93,733 | $ | 12,228 | $ | 19,403 | $ | 4,333 | |||||||||||||||||||||||||||||||
Investment grade | $ | 11,499 | $ | 453 | $ | 77,325 | $ | 10,849 | $ | 88,059 | $ | 11,710 | $ | 17,470 | $ | 3,897 | |||||||||||||||||||||||||||||||
Below investment grade | 761 | 36 | 4,102 | 428 | 5,674 | 518 | 1,933 | 436 | |||||||||||||||||||||||||||||||||||||||
Total fixed maturity securities AFS | $ | 12,260 | $ | 489 | $ | 81,427 | $ | 11,277 | $ | 93,733 | $ | 12,228 | $ | 19,403 | $ | 4,333 | |||||||||||||||||||||||||||||||
Total
number of securities in an unrealized loss position |
1,679 | 8,441 | 10,688 | 2,110 |
U.S. Corporate |
Foreign Corporate |
Foreign Government |
RMBS |
ABS
& CLO |
CMBS | Total | ||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2023 | (In millions) | |||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 28 | $ | 3 | $ | 68 | $ | — | $ | — | $ | 15 | $ | 114 | ||||||||||||||||||||||||||||||
ACL not previously recorded | 31 | — | — | 2 | 6 | 1 | 40 | |||||||||||||||||||||||||||||||||||||
Changes for securities with previously recorded ACL | 7 | (1) | (2) | (1) | — | 5 | 8 | |||||||||||||||||||||||||||||||||||||
Securities sold or exchanged | (4) | — | (16) | — | — | (10) | (30) | |||||||||||||||||||||||||||||||||||||
Write-offs | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Balance at December 31, | $ | 62 | $ | 2 | $ | 50 | $ | 1 | $ | 6 | $ | 11 | $ | 132 |
U.S. Corporate |
Foreign Corporate |
Foreign Government |
RMBS |
ABS
& CLO |
CMBS | Total | ||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | (In millions) | |||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 30 | $ | 10 | $ | — | $ | — | $ | — | $ | 13 | $ | 53 | ||||||||||||||||||||||||||||||
ACL not previously recorded | 13 | 12 | 103 | — | — | 2 | 130 | |||||||||||||||||||||||||||||||||||||
Changes for securities with previously recorded ACL | 17 | 3 | (15) | — | — | — | 5 | |||||||||||||||||||||||||||||||||||||
Securities
sold or exchanged |
(10) | (22) | (20) | — | — | — | (52) | |||||||||||||||||||||||||||||||||||||
Write-offs | (22) | — | — | — | — | — | (22) | |||||||||||||||||||||||||||||||||||||
Balance at December 31, | $ | 28 | $ | 3 | $ | 68 | $ | — | $ | — | $ | 15 | $ | 114 |
December 31, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
Portfolio Segment | Carrying Value |
%
of Total |
Carrying Value |
%
of Total | ||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||
Commercial | $ | 37,129 | 59.3 | % | $ | 37,196 | 59.4 | % | ||||||||||||||||||
Agricultural | 15,831 | 25.3 | 15,869 | 25.4 | ||||||||||||||||||||||
Residential | 10,133 | 16.2 | 9,953 | 15.9 | ||||||||||||||||||||||
Total amortized cost | 63,093 | 100.8 | 63,018 | 100.7 | ||||||||||||||||||||||
Allowance for credit loss | (509) | (0.8) | (448) | (0.7) | ||||||||||||||||||||||
Total
mortgage loans |
$ | 62,584 | 100.0 | % | $ | 62,570 | 100.0 | % |
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Agricultural | Residential | Total | Commercial | Agricultural | Residential | Total | Commercial | Agricultural | Residential | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 174 | $ | 105 | $ | 169 | $ | 448 | $ | 260 | $ | 79 | $ | 197 | $ | 536 | $ | 199 | $ | 97 | $ | 221 | $ | 517 | |||||||||||||||||||||||||||||||||||||||||||||||
Provision (release) | 50 | 83 | (22) | 111 | (3) | 47 | (20) | 24 | 61 | 6 | (25) | 42 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial
credit losses on PCD loans (1) |
— | — | — | — | — | — | — | — | — | — | 3 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs, net of recoveries | (14) | (36) | — | (50) | (83) | (21) | (8) | (112) | — | (24) | (2) | (26) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, | $ | 210 | $ | 152 | $ | 147 | $ | 509 | $ | 174 | $ | 105 | $ | 169 | $ | 448 | $ | 260 | $ | 79 | $ | 197 | $ | 536 |
December 31, 2023 | |||||||||||||||||
Maturity Extension |
Weighted
Average Life Increase |
% of Total BV | |||||||||||||||
Amortized Cost | Affected Loans (in Years) | ||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Commercial | $ | 419 | Less than one year | 1.0 | % | ||||||||||||
Credit Quality Indicator | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans |
Total | %
of Total | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LTV ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 65% | $ | 1,609 | $ | 1,228 | $ | 1,795 | $ | 989 | $ | 1,980 | $ | 8,873 | $ | 2,698 | $ | 19,172 | 51.7 | % | ||||||||||||||||||||||||||||||||||||||
65% to 75% | 226 | 3,030 | 1,416 | 937 | 1,024 | 3,549 | — | 10,182 | 27.4 | |||||||||||||||||||||||||||||||||||||||||||||||
76% to 80% | — | 359 | 227 | 111 | 843 | 996 | — | 2,536 | 6.8 | |||||||||||||||||||||||||||||||||||||||||||||||
Greater than 80% | 31 | 587 | 723 | 611 | 659 | 2,628 | — | 5,239 | 14.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,866 | $ | 5,204 | $ | 4,161 | $ | 2,648 | $ | 4,506 | $ | 16,046 | $ | 2,698 | $ | 37,129 | 100.0 | % | ||||||||||||||||||||||||||||||||||||||
DSCR: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
> 1.20x | $ | 1,309 | $ | 4,221 | $ | 3,777 | $ | 2,375 | $ | 3,963 | $ | 13,609 | $ | 2,698 | $ | 31,952 | 86.1 | % | ||||||||||||||||||||||||||||||||||||||
1.00x - 1.20x | 459 | 393 | 368 | — | 331 | 1,427 | — | 2,978 | 8.0 | |||||||||||||||||||||||||||||||||||||||||||||||
<1.00x | 98 | 590 | 16 | 273 | 212 | 1,010 | — | 2,199 | 5.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,866 | $ | 5,204 | $ | 4,161 | $ | 2,648 | $ | 4,506 | $ | 16,046 | $ | 2,698 | $ | 37,129 | 100.0 | % |
Credit Quality Indicator | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans |
Total | %
of Total | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LTV ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 65% | $ | 772 | $ | 1,985 | $ | 1,474 | $ | 1,977 | $ | 1,512 | $ | 5,596 | $ | 1,293 | $ | 14,609 | 92.3 | % | ||||||||||||||||||||||||||||||||||||||
65% to 75% | 22 | 82 | 201 | 126 | 24 | 489 | 118 | 1,062 | 6.7 | |||||||||||||||||||||||||||||||||||||||||||||||
76% to 80% | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Greater than 80% | 5 | — | — | 5 | 133 | 12 | 5 | 160 | 1.0 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 799 | $ | 2,067 | $ | 1,675 | $ | 2,108 | $ | 1,669 | $ | 6,097 | $ | 1,416 | $ | 15,831 | 100.0 | % |
Credit Quality Indicator | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans |
Total | %
of Total | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance indicators: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 243 | $ | 1,855 | $ | 880 | $ | 151 | $ | 565 | $ | 6,096 | $ | — | $ | 9,790 | 96.6 | % | ||||||||||||||||||||||||||||||||||||||
Nonperforming (1) | 1 | 32 | 15 | 8 | 32 | 255 | — | 343 | 3.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 244 | $ | 1,887 | $ | 895 | $ | 159 | $ | 597 | $ | 6,351 | $ | — | $ | 10,133 | 100.0 | % |
Past Due | Past
Due and Still Accruing Interest |
Nonaccrual | ||||||||||||||||||||||||||||||||||||
Portfolio Segment | December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Commercial | $ | 19 | $ | — | $ | — | $ | — | $ | 303 | $ | 158 | ||||||||||||||||||||||||||
Agricultural | 40 | 120 | — | 18 | 206 | 131 | ||||||||||||||||||||||||||||||||
Residential | 343 | 428 | — | — | 343 | 429 | ||||||||||||||||||||||||||||||||
Total | $ | 402 | $ | 548 | $ | — | $ | 18 | $ | 852 | $ | 718 |
December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2021 | ||||||||||||||||||||||||||||
Income Type | Carrying Value | Income | ||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Wholly-owned real estate: | ||||||||||||||||||||||||||||||||
Leased real estate | $ | 1,594 | $ | 1,618 | $ | 171 | $ | 198 | $ | 209 | ||||||||||||||||||||||
Other real estate | 506 | 487 | 287 | 243 | 186 | |||||||||||||||||||||||||||
Real
estate joint ventures |
6,590 | 6,311 | (75) | 308 | 180 | |||||||||||||||||||||||||||
Total real estate and real estate joint ventures | $ | 8,690 | $ | 8,416 | $ | 383 | $ | 749 | $ | 575 |
December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2021 | ||||||||||||||||||||||||||||
Property
Type |
Carrying Value | Income | ||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Leased real estate investments: | ||||||||||||||||||||||||||||||||
Office |
$ | 848 | $ | 797 | $ | 114 | $ | 74 | $ | 73 | ||||||||||||||||||||||
Apartment | 324 | 328 | 23 | 34 | 40 | |||||||||||||||||||||||||||
Retail | 280 | 298 | 23 | 35 | 44 | |||||||||||||||||||||||||||
Industrial |
119 | 171 | 11 | 55 | 52 | |||||||||||||||||||||||||||
Land | 23 | 24 | — | — | — | |||||||||||||||||||||||||||
Total
leased real estate investments |
$ | 1,594 | $ | 1,618 | $ | 171 | $ | 198 | $ | 209 |
December 31, | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||
Cost | Net Unrealized Gains (Losses) (1) | Estimated Fair Value | Cost | Net Unrealized Gains (Losses) (1) | Estimated Fair Value | |||||||||||||||||||||||||||||||||
Security Type | ||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
FVO
securities |
$ | 379 | $ | 367 | $ | 746 | $ | 673 | $ | 171 | $ | 844 | ||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||||||||||||||
Common stock | $ | 118 | $ | 45 | $ | 163 | $ | 119 | $ | 47 | $ | 166 | ||||||||||||||||||||||||||
Non-redeemable preferred stock | 177 | 7 | 184 | 77 | (3) | 74 | ||||||||||||||||||||||||||||||||
Total equity securities | $ | 295 | $ | 52 | $ | 347 | $ | 196 | $ | 44 | $ | 240 |
December 31, | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||
Securities (1) | Securities (1) | |||||||||||||||||||||||||||||||||||||
Agreement Type | Estimated Fair Value | Cash Collateral Received from Counterparties (2) | Reinvestment Portfolio at Estimated Fair Value | Estimated Fair Value | Cash Collateral Received from Counterparties (2) | Reinvestment Portfolio at Estimated Fair Value | ||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Securities
lending |
$ | 5,528 | $ | 5,684 | $ | 5,565 | $ | 6,601 | $ | 6,773 | $ | 6,625 | ||||||||||||||||||||||||||
Repurchase
agreements |
$ | 3,029 | $ | 2,975 | $ | 2,913 | $ | 3,176 | $ | 3,125 | $ | 3,057 | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Remaining Maturities | Remaining Maturities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Security Type | Open (1) | 1 Month or Less |
Over
1 Month to 6 Months |
Over 6 Months to 1 Year | Total | Open (1) | 1
Month or Less |
Over 1 Month to 6 Months | Over 6 Months to 1 Year | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash collateral liability by security type: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities lending: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government and agency | $ | 943 | $ | 2,523 | $ | 2,218 | $ | — | $ | 5,684 | $ | 935 | $ | 4,233 | $ | 1,605 | $ | — | $ | 6,773 | ||||||||||||||||||||||||||||||||||||||||||
Repurchase agreements: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government and agency | $ | — | $ | 2,975 | $ | — | $ | — | $ | 2,975 | $ | — | $ | 3,125 | $ | — | $ | — | $ | 3,125 | ||||||||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||
2023 | 2022 | ||||||||||
(In millions) | |||||||||||
Invested
assets on deposit (regulatory deposits) |
$ | 105 | $ | 98 | |||||||
Invested
assets pledged as collateral (1) |
21,177 | 20,612 | |||||||||
Total
invested assets on deposit and pledged as collateral |
$ | 21,282 | $ | 20,710 |
December 31, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
Asset Type | Total
Assets |
Total
Liabilities |
Total
Assets |
Total
Liabilities | ||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Real estate joint ventures | $ | 1,427 | $ | — | $ | 1,357 | $ | — | ||||||||||||||||||
Mortgage loan joint ventures | 171 | — | 147 | — | ||||||||||||||||||||||
Renewable energy partnership (primarily other invested assets) | 65 | — | 76 | — | ||||||||||||||||||||||
Investment funds (primarily other invested assets) | 61 | — | 98 | — | ||||||||||||||||||||||
Total |
$ | 1,724 | $ | — | $ | 1,678 | $ | — |
December 31, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
Asset Type | Carrying
Amount |
Maximum
Exposure to Loss (1) |
Carrying
Amount |
Maximum
Exposure to Loss (1) | ||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Fixed maturity securities AFS (2) | $ | 35,370 | $ | 35,370 | $ | 35,813 | $ | 35,813 | ||||||||||||||||||
Other
limited partnership interests |
7,319 | 9,452 | 7,299 | 9,716 | ||||||||||||||||||||||
Other
invested assets |
1,318 | 1,405 | 1,342 | 1,509 | ||||||||||||||||||||||
Real
estate joint ventures |
104 | 267 | 86 | 88 | ||||||||||||||||||||||
Total |
$ | 44,111 | $ | 46,494 | $ | 44,540 | $ | 47,126 |
Years Ended December 31, | ||||||||||||||||||||
Asset Type | 2023 | 2022 | 2021 | |||||||||||||||||
(In millions) | ||||||||||||||||||||
Fixed
maturity securities AFS |
$ | 7,492 | $ | 6,458 | $ | 6,101 | ||||||||||||||
Mortgage
loans |
3,302 | 2,615 | 2,661 | |||||||||||||||||
Policy
loans |
294 | 288 | 292 | |||||||||||||||||
Real
estate and REJV |
383 | 749 | 575 | |||||||||||||||||
OLPI |
191 | 433 | 3,161 | |||||||||||||||||
Cash,
cash equivalents and short-term investments |
382 | 147 | 11 | |||||||||||||||||
FVO
securities |
147 | (143) | 102 | |||||||||||||||||
Operating
joint venture |
18 | 34 | 65 | |||||||||||||||||
Equity
securities |
7 | 11 | 16 | |||||||||||||||||
Other |
297 | 410 | 142 | |||||||||||||||||
Subtotal investment income | 12,513 | 11,002 | 13,126 | |||||||||||||||||
Less:
Investment expenses |
1,307 | 880 | 640 | |||||||||||||||||
Net
investment income |
$ | 11,206 | $ | 10,122 | $ | 12,486 | ||||||||||||||
Net Investment Income (“NII”) Information | ||||||||||||||||||||
Net realized and unrealized gains (losses) recognized in NII: | ||||||||||||||||||||
Net
realized gains (losses) from sales and disposals (primarily Residential - FVO mortgage loans and FVO securities) |
$ | — | $ | (13) | $ | 22 | ||||||||||||||
Net
unrealized gains (losses) from changes in estimated fair value (primarily FVO securities and REJV) |
216 | (33) | 168 | |||||||||||||||||
Net realized and unrealized gains (losses) recognized in NII | $ | 216 | $ | (46) | $ | 190 | ||||||||||||||
Changes
in estimated fair value subsequent to purchase of FVO securities still held at the end of the respective periods and recognized in NII: |
$ | 140 | $ | (145) | $ | 77 | ||||||||||||||
Equity
method investments NII (primarily REJV, OLPI, tax credit and renewable energy partnerships and an operating joint venture) |
$ | 51 | $ | 625 | $ | 3,235 |
Years Ended December 31, | ||||||||||||||||||||
Asset Type | 2023 | 2022 | 2021 | |||||||||||||||||
(In millions) | ||||||||||||||||||||
Fixed
maturity securities AFS (1) |
$ | (1,284) | $ | (851) | $ | (49) | ||||||||||||||
Equity securities | 5 | 6 | 40 | |||||||||||||||||
Mortgage
loans (1) |
(174) | (42) | (34) | |||||||||||||||||
Real
estate and REJV (excluding changes in estimated fair value) |
102 | 561 | 568 | |||||||||||||||||
OLPI
(excluding changes in estimated fair value) |
9 | 4 | (15) | |||||||||||||||||
Other gains (losses) | 18 | 72 | 109 | |||||||||||||||||
Subtotal | (1,324) | (250) | 619 | |||||||||||||||||
Change
in estimated fair value of OLPI and REJV |
(6) | (14) | 45 | |||||||||||||||||
Non-investment portfolio gains (losses) | (45) | 137 | (12) | |||||||||||||||||
Subtotal | (51) | 123 | 33 | |||||||||||||||||
Net investment gains (losses) | $ | (1,375) | $ | (127) | $ | 652 | ||||||||||||||
Transaction Type | ||||||||||||||||||||
Realized gains (losses) on investments sold or disposed | $ | (193) | $ | (146) | $ | 579 | ||||||||||||||
Impairment
(losses) (1) |
(994) | (38) | (24) | |||||||||||||||||
Recognized gains (losses): | ||||||||||||||||||||
Change in allowance for credit loss recognized in earnings | (144) | (77) | (41) | |||||||||||||||||
Unrealized net gains (losses) recognized in earnings | 1 | (3) | 150 | |||||||||||||||||
Total recognized gains (losses) | (1,330) | (264) | 664 | |||||||||||||||||
Non-investment portfolio gains (losses) | (45) | 137 | (12) | |||||||||||||||||
Net investment gains (losses) | $ | (1,375) | $ | (127) | $ | 652 | ||||||||||||||
Net Investment Gains (Losses) (“NIGL”) Information | ||||||||||||||||||||
Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in NIGL | $ | 7 | $ | 8 | $ | 10 | ||||||||||||||
Other gains (losses) include: | ||||||||||||||||||||
Gains (losses) on disposed investments which were previously in a qualified cash flow hedge relationship | $ | (10) | $ | 48 | $ | 91 | ||||||||||||||
Gains (losses) on leveraged leases and renewable energy partnerships | $ | 26 | $ | 33 | $ | 12 | ||||||||||||||
Foreign currency gains (losses) | $ | (61) | $ | 97 | $ | 62 | ||||||||||||||
Net Realized Investment Gains (Losses) From Sales and Disposals of Investments: | ||||||||||||||||||||
Recognized in NIGL | $ | (193) | $ | (146) | $ | 579 | ||||||||||||||
Recognized in NII | — | (13) | 22 | |||||||||||||||||
Net realized investment gains (losses) from sales and disposals of investments | $ | (193) | $ | (159) | $ | 601 | ||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
Fixed
Maturity Securities AFS |
2023 | 2022 | 2021 | |||||||||||||||||
|
(In millions) | |||||||||||||||||||
Proceeds | $ | 19,803 | $ | 42,903 | $ | 27,587 | ||||||||||||||
Gross investment gains | $ | 354 | $ | 469 | $ | 232 | ||||||||||||||
Gross investment (losses) | (655) | (1,221) | (256) | |||||||||||||||||
Realized gains (losses) on sales and disposals | (301) | (752) | (24) | |||||||||||||||||
Net credit loss (provision) release (change in ACL recognized in earnings) | (18) | (61) | (1) | |||||||||||||||||
Impairment (losses) | (965) | (38) | (24) | |||||||||||||||||
Net credit loss (provision) release and impairment (losses) | (983) | (99) | (25) | |||||||||||||||||
Net investment gains (losses) | $ | (1,284) | $ | (851) | $ | (49) | ||||||||||||||
Equity
Securities |
||||||||||||||||||||
Realized gains (losses) on sales and disposals | $ | (2) | $ | (6) | $ | (61) | ||||||||||||||
Unrealized net gains (losses) recognized in earnings | 7 | 12 | 101 | |||||||||||||||||
Net investment gains (losses) | $ | 5 | $ | 6 | $ | 40 |
Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Estimated
fair value of invested assets transferred to affiliates |
$ | 718 | $ | 472 | $ | 795 | ||||||||||||||
Amortized
cost of invested assets transferred to affiliates |
$ | 756 | $ | 432 | $ | 776 | ||||||||||||||
Net
investment gains (losses) recognized on transfers |
$ | (38) | $ | 40 | $ | 19 | ||||||||||||||
Estimated
fair value of invested assets transferred from affiliates |
$ | 1,178 | $ | 497 | $ | 1,346 | ||||||||||||||
Estimated fair value of derivative liabilities transferred from affiliates | $ | — | $ | 64 | $ | — |
December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||
Investment Type/Balance Sheet Category | Related Party | Carrying Value | Net Investment Income | |||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Affiliated investments (1) | MetLife, Inc. | $ | 1,130 | $ | 1,207 | $ | 20 | $ | 16 | $ | 31 | |||||||||||||||||||||||||||
Affiliated investments (2) | American Life Insurance Company | — | 100 | 1 | 1 | 2 | ||||||||||||||||||||||||||||||||
Affiliated
investments (3) |
Metropolitan
General Insurance Company |
150 | — | — | — | — | ||||||||||||||||||||||||||||||||
Other invested assets | $ | 1,280 | $ | 1,307 | $ | 21 | $ | 17 | $ | 33 |
Primary Underlying Risk Exposure | December 31, | ||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||
Estimated Fair Value | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||||
Gross Notional Amount |
Assets | Liabilities | Gross Notional Amount |
Assets | Liabilities | ||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Derivatives
Designated as Hedging Instruments: |
|||||||||||||||||||||||||||||||||||||||||
Fair
value hedges: |
|||||||||||||||||||||||||||||||||||||||||
Interest
rate swaps |
Interest
rate |
$ | 4,443 | $ | 1,257 | $ | 508 | $ | 4,036 | $ | 1,353 | $ | 443 | ||||||||||||||||||||||||||||
Foreign
currency swaps |
Foreign
currency exchange rate |
1,459 | 55 | 1 | 565 | 74 | — | ||||||||||||||||||||||||||||||||||
Subtotal |
5,902 | 1,312 | 509 | 4,601 | 1,427 | 443 | |||||||||||||||||||||||||||||||||||
Cash
flow hedges: |
|||||||||||||||||||||||||||||||||||||||||
Interest
rate swaps |
Interest
rate |
3,789 | 1 | 246 | 3,739 | 7 | 239 | ||||||||||||||||||||||||||||||||||
Interest
rate forwards |
Interest
rate |
970 | — | 175 | 2,227 | — | 404 | ||||||||||||||||||||||||||||||||||
Foreign
currency swaps |
Foreign
currency exchange rate |
30,342 | 1,977 | 846 | 29,290 | 2,453 | 1,364 | ||||||||||||||||||||||||||||||||||
Subtotal |
35,101 | 1,978 | 1,267 | 35,256 | 2,460 | 2,007 | |||||||||||||||||||||||||||||||||||
Total
qualifying hedges |
41,003 | 3,290 | 1,776 | 39,857 | 3,887 | 2,450 | |||||||||||||||||||||||||||||||||||
Derivatives
Not Designated or Not Qualifying as Hedging Instruments: |
|||||||||||||||||||||||||||||||||||||||||
Interest
rate swaps |
Interest
rate |
15,516 | 1,476 | 638 | 15,358 | 1,579 | 704 | ||||||||||||||||||||||||||||||||||
Interest
rate floors |
Interest
rate |
13,921 | 39 | — | 23,371 | 114 | — | ||||||||||||||||||||||||||||||||||
Interest
rate caps |
Interest
rate |
28,890 | 355 | — | 46,666 | 903 | — | ||||||||||||||||||||||||||||||||||
Interest
rate futures |
Interest
rate |
25 | — | — | 414 | — | 1 | ||||||||||||||||||||||||||||||||||
Interest
rate options |
Interest
rate |
39,226 | 361 | 27 | 39,712 | 434 | 36 | ||||||||||||||||||||||||||||||||||
Synthetic
GICs |
Interest
rate |
6,145 | — | — | 13,044 | — | — | ||||||||||||||||||||||||||||||||||
Foreign
currency swaps |
Foreign
currency exchange rate |
4,304 | 446 | 24 | 4,739 | 720 | 5 | ||||||||||||||||||||||||||||||||||
Foreign
currency forwards |
Foreign
currency exchange rate |
1,176 | 8 | 10 | 1,328 | 16 | 25 | ||||||||||||||||||||||||||||||||||
Credit
default swaps — purchased |
Credit |
809 | 3 | 7 | 843 | 16 | — | ||||||||||||||||||||||||||||||||||
Credit
default swaps — written |
Credit |
10,007 | 186 | 4 | 9,074 | 113 | 26 | ||||||||||||||||||||||||||||||||||
Equity
futures |
Equity
market |
941 | 3 | — | 1,063 | 2 | — | ||||||||||||||||||||||||||||||||||
Equity
index options |
Equity
market |
17,703 | 339 | 193 | 14,143 | 585 | 179 | ||||||||||||||||||||||||||||||||||
Equity
variance swaps |
Equity
market |
— | — | — | 90 | 4 | — | ||||||||||||||||||||||||||||||||||
Equity
total return swaps |
Equity
market |
1,912 | — | 218 | 1,922 | 23 | 103 | ||||||||||||||||||||||||||||||||||
Total
non-designated or nonqualifying derivatives |
140,575 | 3,216 | 1,121 | 171,767 | 4,509 | 1,079 | |||||||||||||||||||||||||||||||||||
Total |
$ | 181,578 | $ | 6,506 | $ | 2,897 | $ | 211,624 | $ | 8,396 | $ | 3,529 |
Year Ended December 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Net Investment Income | Net Investment Gains (Losses) | Net Derivative Gains (Losses) | Policyholder Benefits and Claims | Interest Credited to Policyholder Account Balances | OCI | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Gain
(Loss) on Fair Value Hedges: |
||||||||||||||||||||||||||||||||||||||
Interest rate derivatives: | ||||||||||||||||||||||||||||||||||||||
Derivatives
designated as hedging instruments (1) |
$ | (3) | $ | — | N/A | $ | — | $ | 29 | N/A | ||||||||||||||||||||||||||||
Hedged
items |
3 | — | N/A | (26) | (31) | N/A | ||||||||||||||||||||||||||||||||
Foreign
currency exchange rate derivatives: |
||||||||||||||||||||||||||||||||||||||
Derivatives
designated as hedging instruments (1) |
(39) | — | N/A | — | 20 | N/A | ||||||||||||||||||||||||||||||||
Hedged
items |
38 | — | N/A | — | (24) | N/A | ||||||||||||||||||||||||||||||||
Subtotal |
(1) | — | N/A | (26) | (6) | N/A | ||||||||||||||||||||||||||||||||
Gain (Loss) on Cash Flow Hedges: | ||||||||||||||||||||||||||||||||||||||
Interest
rate derivatives: (1) |
||||||||||||||||||||||||||||||||||||||
Amount
of gains (losses) deferred in AOCI |
N/A | N/A | N/A | N/A | N/A | $ | (75) | |||||||||||||||||||||||||||||||
Amount
of gains (losses) reclassified from AOCI into income |
50 | 87 | — | — | — | (137) | ||||||||||||||||||||||||||||||||
Foreign currency exchange rate derivatives: (1) | ||||||||||||||||||||||||||||||||||||||
Amount
of gains (losses) deferred in AOCI |
N/A | N/A | N/A | N/A | N/A | (177) | ||||||||||||||||||||||||||||||||
Amount
of gains (losses) reclassified from AOCI into income |
4 | 684 | — | — | — | (688) | ||||||||||||||||||||||||||||||||
Foreign
currency transaction gains (losses) on hedged items |
— | (671) | — | — | — | — | ||||||||||||||||||||||||||||||||
Credit
derivatives: (1) |
||||||||||||||||||||||||||||||||||||||
Amount
of gains (losses) deferred in AOCI |
N/A | N/A | N/A | N/A | N/A | — | ||||||||||||||||||||||||||||||||
Amount
of gains (losses) reclassified from AOCI into income |
— | 1 | — | — | — | (1) | ||||||||||||||||||||||||||||||||
Subtotal |
54 | 101 | — | — | — | (1,078) | ||||||||||||||||||||||||||||||||
Gain
(Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: |
||||||||||||||||||||||||||||||||||||||
Interest
rate derivatives (1) |
— | N/A | (842) | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Foreign
currency exchange rate derivatives (1) |
— | N/A | (288) | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Credit
derivatives — purchased (1) |
— | N/A | (22) | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Credit
derivatives — written (1) |
— | N/A | 113 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Equity
derivatives (1) |
(52) | N/A | (1,042) | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Foreign
currency transaction gains (losses) on hedged items |
— | N/A | 85 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Subtotal |
(52) | N/A | (1,996) | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Earned
income on derivatives |
184 | — | 808 | 4 | (145) | — | ||||||||||||||||||||||||||||||||
Synthetic GICs | N/A | N/A | 17 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Embedded derivatives | N/A | N/A | (366) | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Total |
$ | 185 | $ | 101 | $ | (1,537) | $ | (22) | $ | (151) | $ | (1,078) |
Year Ended December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Net Investment Income | Net Investment Gains (Losses) | Net Derivative Gains (Losses) | Policyholder Benefits and Claims | Interest Credited to Policyholder Account Balances | OCI | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Gain
(Loss) on Fair Value Hedges: |
||||||||||||||||||||||||||||||||||||||
Interest rate derivatives: | ||||||||||||||||||||||||||||||||||||||
Derivatives
designated as hedging instruments (1) |
$ | 8 | $ | — | N/A | $ | (959) | $ | (231) | N/A | ||||||||||||||||||||||||||||
Hedged
items |
(8) | — | N/A | 905 | 226 | N/A | ||||||||||||||||||||||||||||||||
Foreign
currency exchange rate derivatives: |
||||||||||||||||||||||||||||||||||||||
Derivatives
designated as hedging instruments (1) |
105 | — | N/A | — | — | N/A | ||||||||||||||||||||||||||||||||
Hedged
items |
(105) | — | N/A | — | — | N/A | ||||||||||||||||||||||||||||||||
Subtotal |
— | — | N/A | (54) | (5) | N/A | ||||||||||||||||||||||||||||||||
Gain (Loss) on Cash Flow Hedges: | ||||||||||||||||||||||||||||||||||||||
Interest
rate derivatives: (1) |
||||||||||||||||||||||||||||||||||||||
Amount
of gains (losses) deferred in AOCI |
N/A | N/A | N/A | N/A | N/A | $ | (1,467) | |||||||||||||||||||||||||||||||
Amount
of gains (losses) reclassified from AOCI into income |
59 | 51 | — | — | — | (110) | ||||||||||||||||||||||||||||||||
Foreign currency exchange rate derivatives: (1) | ||||||||||||||||||||||||||||||||||||||
Amount
of gains (losses) deferred in AOCI |
N/A | N/A | N/A | N/A | N/A | 766 | ||||||||||||||||||||||||||||||||
Amount
of gains (losses) reclassified from AOCI into income |
5 | (417) | — | — | — | 412 | ||||||||||||||||||||||||||||||||
Foreign
currency transaction gains (losses) on hedged items |
— | 411 | — | — | — | — | ||||||||||||||||||||||||||||||||
Credit
derivatives: (1) |
||||||||||||||||||||||||||||||||||||||
Amount
of gains (losses) deferred in AOCI |
N/A | N/A | N/A | N/A | N/A | — | ||||||||||||||||||||||||||||||||
Amount
of gains (losses) reclassified from AOCI into income |
— | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Subtotal |
64 | 45 | — | — | — | (399) | ||||||||||||||||||||||||||||||||
Gain
(Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: |
||||||||||||||||||||||||||||||||||||||
Interest
rate derivatives (1) |
3 | N/A | (2,190) | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Foreign
currency exchange rate derivatives (1) |
2 | N/A | 564 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Credit
derivatives — purchased (1) |
— | N/A | 44 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Credit
derivatives — written (1) |
— | N/A | (66) | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Equity
derivatives (1) |
29 | N/A | 491 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Foreign
currency transaction gains (losses) on hedged items |
— | N/A | (300) | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Subtotal |
34 | N/A | (1,457) | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Earned
income on derivatives |
370 | — | 599 | 112 | (120) | — | ||||||||||||||||||||||||||||||||
Synthetic GICs | N/A | N/A | — | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Embedded derivatives | N/A | N/A | 1,610 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Total |
$ | 468 | $ | 45 | $ | 752 | $ | 58 | $ | (125) | $ | (399) |
Year Ended December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Net Investment Income | Net Investment Gains (Losses) | Net Derivative Gains (Losses) | Policyholder Benefits and Claims | Interest Credited to Policyholder Account Balances | OCI | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Gain
(Loss) on Fair Value Hedges: |
||||||||||||||||||||||||||||||||||||||
Interest rate derivatives: | ||||||||||||||||||||||||||||||||||||||
Derivatives
designated as hedging instruments (1) |
$ | 6 | $ | — | N/A | $ | (372) | $ | (83) | N/A | ||||||||||||||||||||||||||||
Hedged
items |
(6) | — | N/A | 327 | 78 | N/A | ||||||||||||||||||||||||||||||||
Foreign
currency exchange rate derivatives: |
||||||||||||||||||||||||||||||||||||||
Derivatives
designated as hedging instruments (1) |
49 | — | N/A | — | — | N/A | ||||||||||||||||||||||||||||||||
Hedged
items |
(43) | — | N/A | — | — | N/A | ||||||||||||||||||||||||||||||||
Subtotal |
6 | — | N/A | (45) | (5) | N/A | ||||||||||||||||||||||||||||||||
Gain (Loss) on Cash Flow Hedges: | ||||||||||||||||||||||||||||||||||||||
Interest
rate derivatives: (1) |
||||||||||||||||||||||||||||||||||||||
Amount
of gains (losses) deferred in AOCI |
N/A | N/A | N/A | N/A | N/A | $ | (570) | |||||||||||||||||||||||||||||||
Amount
of gains (losses) reclassified from AOCI into income |
57 | 87 | — | — | — | (144) | ||||||||||||||||||||||||||||||||
Foreign currency exchange rate derivatives: (1) | ||||||||||||||||||||||||||||||||||||||
Amount
of gains (losses) deferred in AOCI |
N/A | N/A | N/A | N/A | N/A | 600 | ||||||||||||||||||||||||||||||||
Amount
of gains (losses) reclassified from AOCI into income |
4 | (229) | — | — | — | 225 | ||||||||||||||||||||||||||||||||
Foreign
currency transaction gains (losses) on hedged items |
— | 227 | — | — | — | — | ||||||||||||||||||||||||||||||||
Credit
derivatives: (1) |
||||||||||||||||||||||||||||||||||||||
Amount
of gains (losses) deferred in AOCI |
N/A | N/A | N/A | N/A | N/A | — | ||||||||||||||||||||||||||||||||
Amount
of gains (losses) reclassified from AOCI into income |
— | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Subtotal |
61 | 85 | — | — | — | 111 | ||||||||||||||||||||||||||||||||
Gain
(Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: |
||||||||||||||||||||||||||||||||||||||
Interest
rate derivatives (1) |
2 | N/A | (1,523) | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Foreign
currency exchange rate derivatives (1) |
— | N/A | 264 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Credit
derivatives — purchased (1) |
— | N/A | 2 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Credit
derivatives — written (1) |
— | N/A | 23 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Equity
derivatives (1) |
(1) | N/A | (1,308) | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Foreign
currency transaction gains (losses) on hedged items |
— | N/A | (65) | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Subtotal |
1 | N/A | (2,607) | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Earned
income on derivatives |
167 | — | 648 | 168 | (121) | — | ||||||||||||||||||||||||||||||||
Synthetic GICs | N/A | N/A | — | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Embedded derivatives | N/A | N/A | 330 | — | N/A | N/A | ||||||||||||||||||||||||||||||||
Total |
$ | 235 | $ | 85 | $ | (1,629) | $ | 123 | $ | (126) | $ | 111 |
Balance Sheet Line Item | Carrying
Amount of the Hedged Assets/(Liabilities) |
Cumulative
Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets/(Liabilities) (1) |
||||||||||||||||||||||||
December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Fixed maturity securities AFS | $ | 120 | $ | 247 | $ | 1 | $ | 1 | ||||||||||||||||||
Mortgage loans | $ | 345 | $ | 319 | $ | (10) | $ | (18) | ||||||||||||||||||
Future policy benefits | $ | (2,863) | $ | (2,816) | $ | 191 | $ | 200 | ||||||||||||||||||
Policyholder account balances | $ | (1,844) | $ | (1,735) | $ | 2 | $ | 80 |
December 31, | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||
Rating
Agency Designation of Referenced Credit Obligations (1) |
Estimated Fair Value of Credit Default Swaps |
Maximum
Amount
of Future
Payments under
Credit
Default
Swaps |
Weighted Average Years to Maturity (2) |
Estimated Fair Value of Credit Default Swaps |
Maximum
Amount
of Future
Payments under
Credit
Default
Swaps |
Weighted Average Years to Maturity (2) | ||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||||||
Aaa/Aa/A |
||||||||||||||||||||||||||||||||||||||
Single
name credit default swaps (3) |
$ | — | $ | 10 | 0.5 | $ | 1 | $ | 10 | 1.5 | ||||||||||||||||||||||||||||
Credit
default swaps referencing indices |
80 | 3,831 | 2.7 | 79 | 4,251 | 3.4 | ||||||||||||||||||||||||||||||||
Subtotal |
80 | 3,841 | 2.7 | 80 | 4,261 | 3.4 | ||||||||||||||||||||||||||||||||
Baa |
||||||||||||||||||||||||||||||||||||||
Single
name credit default swaps (3) |
1 | 55 | 2.3 | — | 40 | 2.5 | ||||||||||||||||||||||||||||||||
Credit
default swaps referencing indices |
102 | 5,982 | 5.6 | 13 | 4,598 | 5.9 | ||||||||||||||||||||||||||||||||
Subtotal |
103 | 6,037 | 5.5 | 13 | 4,638 | 5.8 | ||||||||||||||||||||||||||||||||
Ba |
||||||||||||||||||||||||||||||||||||||
Single
name credit default swaps (3) |
— | — | 0.0 | 1 | 45 | 0.7 | ||||||||||||||||||||||||||||||||
Credit
default swaps referencing indices |
2 | 25 | 3.0 | 2 | 25 | 4.0 | ||||||||||||||||||||||||||||||||
Subtotal |
2 | 25 | 3.0 | 3 | 70 | 1.9 | ||||||||||||||||||||||||||||||||
B | ||||||||||||||||||||||||||||||||||||||
Credit
default swaps referencing indices |
1 | 74 | 5.0 | 1 | 75 | 4.5 | ||||||||||||||||||||||||||||||||
Subtotal |
1 | 74 | 5.0 | 1 | 75 | 4.5 | ||||||||||||||||||||||||||||||||
Caa | ||||||||||||||||||||||||||||||||||||||
Credit
default swaps referencing indices |
(4) | 30 | 2.5 | (10) | 30 | 3.5 | ||||||||||||||||||||||||||||||||
Subtotal |
(4) | 30 | 2.5 | (10) | 30 | 3.5 | ||||||||||||||||||||||||||||||||
Total |
$ | 182 | $ | 10,007 | 4.4 | $ | 87 | $ | 9,074 | 4.6 |
December 31, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Gross
estimated fair value of derivatives: |
||||||||||||||||||||||||||
OTC-bilateral
(1) |
$ | 6,534 | $ | 2,892 | $ | 8,456 | $ | 3,499 | ||||||||||||||||||
OTC-cleared
(1) |
112 | 13 | 57 | 29 | ||||||||||||||||||||||
Exchange-traded |
3 | — | 2 | 1 | ||||||||||||||||||||||
Total gross estimated fair value of derivatives presented on the consolidated balance sheets (1) | 6,649 | 2,905 | 8,515 | 3,529 | ||||||||||||||||||||||
Gross
amounts not offset on the consolidated balance sheets: |
||||||||||||||||||||||||||
Gross
estimated fair value of derivatives: (2) |
||||||||||||||||||||||||||
OTC-bilateral |
(2,350) | (2,350) | (3,317) | (3,317) | ||||||||||||||||||||||
OTC-cleared |
(4) | (4) | (14) | (14) | ||||||||||||||||||||||
Cash
collateral: (3), (4) |
||||||||||||||||||||||||||
OTC-bilateral |
(2,872) | — | (4,044) | — | ||||||||||||||||||||||
OTC-cleared |
(105) | (1) | (18) | (1) | ||||||||||||||||||||||
Securities
collateral: (5) |
||||||||||||||||||||||||||
OTC-bilateral |
(1,283) | (542) | (1,078) | (182) | ||||||||||||||||||||||
OTC-cleared |
— | (8) | — | (14) | ||||||||||||||||||||||
Exchange-traded |
— | — | — | (1) | ||||||||||||||||||||||
Net
amount after application of master netting agreements and collateral |
$ | 35 | $ | — | $ | 44 | $ | — |
December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Derivatives
Subject to Financial
Strength-Contingent
Provisions |
||||||||||||||
(In millions) | ||||||||||||||
Estimated fair value of derivatives in a net liability position (1) | $ | 542 | $ | 182 | ||||||||||
Estimated fair value of collateral provided: | ||||||||||||||
Fixed maturity securities AFS | $ | 896 | $ | 221 |
December 31, | |||||||||||||||||
Balance Sheet Location | 2023 | 2022 | |||||||||||||||
(In millions) | |||||||||||||||||
Embedded derivatives within asset host contracts: | |||||||||||||||||
Assumed on affiliated reinsurance | Other invested assets | $ | 41 | $ | 149 | ||||||||||||
Funds withheld on affiliated reinsurance | Other invested assets | (26) | — | ||||||||||||||
Total | $ | 15 | $ | 149 | |||||||||||||
Embedded derivatives within liability host contracts: | |||||||||||||||||
Assumed
on affiliated reinsurance |
Other
liabilities |
$ | 104 | $ | — | ||||||||||||
Funds withheld on affiliated reinsurance | Other liabilities | (304) | (450) | ||||||||||||||
Fixed annuities with equity indexed returns | Policyholder account balances | 163 | 141 | ||||||||||||||
Total | $ | (37) | $ | (309) |
Level
1 |
Unadjusted quoted prices in active markets for identical assets or liabilities. The Company defines active markets based on average trading volume for equity securities. The size of the bid/ask spread is used as an indicator of market activity for fixed maturity securities AFS. |
Level
2 |
Quoted
prices in markets that are not active or inputs that are observable either directly or indirectly. These inputs can include quoted prices
for similar assets or liabilities other than quoted prices in Level 1, quoted prices in markets that are not active, or other significant
inputs that are observable or can be derived principally from or corroborated by observable market data for substantially the full term
of the assets or liabilities. |
Level
3 |
Unobservable
inputs that are supported by little or no market activity and are significant to the determination of estimated fair value of the assets
or liabilities. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants
would use in pricing the asset or liability. |
December 31, 2023 | |||||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Estimated Fair Value | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Fixed
maturity securities AFS: |
|||||||||||||||||||||||
U.S.
corporate |
$ | — | $ | 41,718 | $ | 8,775 | $ | 50,493 | |||||||||||||||
Foreign
corporate |
— | 16,875 | 8,340 | 25,215 | |||||||||||||||||||
U.S. government and agency | 8,963 | 12,097 | — | 21,060 | |||||||||||||||||||
RMBS | 3 | 17,616 | 1,329 | 18,948 | |||||||||||||||||||
ABS & CLO | — | 10,109 | 1,532 | 11,641 | |||||||||||||||||||
Municipals |
— | 6,319 | — | 6,319 | |||||||||||||||||||
CMBS |
— | 5,499 | 335 | 5,834 | |||||||||||||||||||
Foreign government | — | 3,281 | 14 | 3,295 | |||||||||||||||||||
Total
fixed maturity securities AFS |
8,966 | 113,514 | 20,325 | 142,805 | |||||||||||||||||||
Short-term investments | 2,745 | 288 | 15 | 3,048 | |||||||||||||||||||
Other investments | 76 | 77 | 1,317 | 1,470 | |||||||||||||||||||
Derivative assets: (1) | |||||||||||||||||||||||
Interest
rate |
— | 3,489 | — | 3,489 | |||||||||||||||||||
Foreign
currency exchange rate |
— | 2,486 | — | 2,486 | |||||||||||||||||||
Credit |
— | 181 | 8 | 189 | |||||||||||||||||||
Equity
market |
3 | 332 | 7 | 342 | |||||||||||||||||||
Total
derivative assets |
3 | 6,488 | 15 | 6,506 | |||||||||||||||||||
Embedded derivatives within asset host contracts (4) | — | — | 15 | 15 | |||||||||||||||||||
Market risk benefits | — | — | 177 | 177 | |||||||||||||||||||
Separate account assets (2) | 13,945 | 68,284 | 968 | 83,197 | |||||||||||||||||||
Total assets (3) | $ | 25,735 | $ | 188,651 | $ | 22,832 | $ | 237,218 | |||||||||||||||
Liabilities |
|||||||||||||||||||||||
Derivative liabilities: (1) | |||||||||||||||||||||||
Interest
rate |
$ | — | $ | 1,419 | $ | 175 | $ | 1,594 | |||||||||||||||
Foreign
currency exchange rate |
— | 881 | — | 881 | |||||||||||||||||||
Credit |
— | 11 | — | 11 | |||||||||||||||||||
Equity
market |
— | 411 | — | 411 | |||||||||||||||||||
Total
derivative liabilities |
— | 2,722 | 175 | 2,897 | |||||||||||||||||||
Embedded
derivatives within liability host contracts (4) |
— | — | (37) | (37) | |||||||||||||||||||
Market risk benefits | — | — | 2,878 | 2,878 | |||||||||||||||||||
Separate
account liabilities (2) |
4 | 4 | — | 8 | |||||||||||||||||||
Total
liabilities |
$ | 4 | $ | 2,726 | $ | 3,016 | $ | 5,746 |
December 31, 2022 | |||||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Estimated Fair Value | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Assets |
|||||||||||||||||||||||
Fixed
maturity securities AFS: |
|||||||||||||||||||||||
U.S.
corporate |
$ | — | $ | 43,147 | $ | 7,943 | $ | 51,090 | |||||||||||||||
Foreign
corporate |
— | 17,203 | 6,790 | 23,993 | |||||||||||||||||||
U.S. government and agency | 9,126 | 13,232 | — | 22,358 | |||||||||||||||||||
RMBS | 4 | 17,804 | 1,525 | 19,333 | |||||||||||||||||||
ABS & CLO | — | 10,329 | 1,507 | 11,836 | |||||||||||||||||||
Municipals |
— | 7,464 | — | 7,464 | |||||||||||||||||||
CMBS | — | 5,702 | 341 | 6,043 | |||||||||||||||||||
Foreign
government |
— | 3,444 | 15 | 3,459 | |||||||||||||||||||
Total
fixed maturity securities AFS |
9,130 | 118,325 | 18,121 | 145,576 | |||||||||||||||||||
Short-term
investments |
2,677 | 35 | 47 | 2,759 | |||||||||||||||||||
Other
investments |
246 | 212 | 1,022 | 1,480 | |||||||||||||||||||
Derivative
assets: (1) |
|||||||||||||||||||||||
Interest
rate |
— | 4,390 | — | 4,390 | |||||||||||||||||||
Foreign
currency exchange rate |
— | 3,263 | — | 3,263 | |||||||||||||||||||
Credit |
— | 47 | 82 | 129 | |||||||||||||||||||
Equity
market |
2 | 605 | 7 | 614 | |||||||||||||||||||
Total
derivative assets |
2 | 8,305 | 89 | 8,396 | |||||||||||||||||||
Embedded derivatives within asset host contracts (4) | — | — | 149 | 149 | |||||||||||||||||||
Market risk benefits | — | — | 174 | 174 | |||||||||||||||||||
Separate
account assets (2) |
16,206 | 72,022 | 1,013 | 89,241 | |||||||||||||||||||
Total
assets (3) |
$ | 28,261 | $ | 198,899 | $ | 20,615 | $ | 247,775 | |||||||||||||||
Liabilities |
|||||||||||||||||||||||
Derivative
liabilities: (1) |
|||||||||||||||||||||||
Interest
rate |
$ | 1 | $ | 1,421 | $ | 405 | $ | 1,827 | |||||||||||||||
Foreign
currency exchange rate |
— | 1,394 | — | 1,394 | |||||||||||||||||||
Credit |
— | 11 | 15 | 26 | |||||||||||||||||||
Equity
market |
— | 282 | — | 282 | |||||||||||||||||||
Total
derivative liabilities |
1 | 3,108 | 420 | 3,529 | |||||||||||||||||||
Embedded
derivatives within liability host contracts (4) |
— | — | (309) | (309) | |||||||||||||||||||
Market risk benefits | — | — | 3,270 | 3,270 | |||||||||||||||||||
Separate
account liabilities (2) |
8 | 15 | 18 | 41 | |||||||||||||||||||
Total
liabilities |
$ | 9 | $ | 3,123 | $ | 3,399 | $ | 6,531 |
Instrument |
Level 2
Observable
Inputs |
Level 3
Unobservable
Inputs | |||||||||||||||
Fixed
maturity securities AFS | |||||||||||||||||
U.S.
corporate and Foreign corporate securities | |||||||||||||||||
Valuation
Approaches: Principally the market and income approaches. |
Valuation
Approaches: Principally the market approach. | ||||||||||||||||
Key
Inputs: |
Key
Inputs: | ||||||||||||||||
• |
quoted
prices in markets that are not active |
• |
illiquidity
premium | ||||||||||||||
• | benchmark yields; spreads off benchmark yields; new issuances; issuer ratings | • | delta spread adjustments to reflect specific credit-related issues | ||||||||||||||
• | trades of identical or comparable securities; duration | • | credit spreads | ||||||||||||||
• |
privately-placed
securities are valued using the additional key inputs: |
• |
quoted
prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity
than securities classified in Level 2 | ||||||||||||||
• |
market
yield curve; call provisions |
||||||||||||||||
• |
observable
prices and spreads for similar public or private securities that incorporate the credit quality and industry sector of the issuer |
•
|
independent non-binding broker quotations | ||||||||||||||
• |
delta
spread adjustments to reflect specific credit-related issues |
||||||||||||||||
U.S. government and agency securities, Municipals and Foreign government securities | |||||||||||||||||
Valuation
Approaches: Principally the market approach. |
Valuation
Approaches: Principally the market approach. | ||||||||||||||||
Key
Inputs: |
Key
Inputs: | ||||||||||||||||
• |
quoted
prices in markets that are not active |
• |
independent
non-binding broker quotations | ||||||||||||||
• |
benchmark
U.S. Treasury yield or other yields |
• |
quoted
prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity
than securities classified in Level 2 | ||||||||||||||
• |
the
spread off the U.S. Treasury yield curve for the identical security |
||||||||||||||||
• | issuer ratings and issuer spreads; broker-dealer quotations | • | credit spreads | ||||||||||||||
• |
comparable
securities that are actively traded |
||||||||||||||||
Structured
Products | |||||||||||||||||
Valuation
Approaches: Principally the market and income approaches. |
Valuation
Approaches: Principally the market and income approaches. | ||||||||||||||||
Key
Inputs: |
Key
Inputs: | ||||||||||||||||
• | quoted prices in markets that are not active | • |
credit
spreads | ||||||||||||||
• |
spreads
for actively traded securities; spreads off benchmark yields |
• |
quoted
prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity
than securities classified in Level 2 | ||||||||||||||
• |
expected
prepayment speeds and volumes |
||||||||||||||||
• |
current
and forecasted loss severity; ratings; geographic region |
• |
independent
non-binding broker quotations | ||||||||||||||
• |
weighted
average coupon and weighted average maturity |
• | credit ratings | ||||||||||||||
• | average delinquency rates; DSCR | ||||||||||||||||
• |
credit
ratings |
||||||||||||||||
• |
issuance-specific
information, including, but not limited to: |
||||||||||||||||
• | collateral type; structure of the security; vintage of the loans | ||||||||||||||||
• | payment terms of the underlying assets | ||||||||||||||||
• |
payment
priority within the tranche; deal performance |
Instrument |
Level 2
Observable
Inputs |
Level 3
Unobservable
Inputs | |||||||||||||||
Short-term
investments and Other investments | |||||||||||||||||
• | Certain short-term investments and certain other investments are of a similar nature and class to the fixed maturity securities AFS described above; while certain other investments are similar to equity securities. The valuation approaches and observable inputs used in their valuation are also similar to those described above. Other investments contain equity securities valued using quoted prices in markets that are not considered active. | • |
Certain
short-term investments and certain other investments are of a similar nature and class to the fixed maturity securities AFS described
above, while certain other investments are similar to equity securities. The valuation approaches and unobservable inputs used in their
valuation are also similar to those described above. Other investments contain equity securities that use key unobservable inputs such
as credit ratings; issuance structures, in addition to those described above for fixed maturities AFS. Other investments also include
certain REJV and use the valuation approach and key inputs as described for OLPI below. | ||||||||||||||
Separate account assets and Separate account liabilities (1) | |||||||||||||||||
Mutual
funds and hedge funds without readily determinable fair values as prices are not published publicly | |||||||||||||||||
Key Input: | • | N/A | |||||||||||||||
• |
quoted
prices or reported NAV provided by the fund managers |
||||||||||||||||
OLPI | |||||||||||||||||
•
|
N/A |
Valued
giving consideration to the underlying holdings
of
the partnerships and adjusting, if appropriate. | |||||||||||||||
Key Inputs: | |||||||||||||||||
• | liquidity; bid/ask spreads; performance record of the fund manager | ||||||||||||||||
• | other relevant variables that may impact the exit value of the particular partnership interest |
Instrument | Interest Rate | Foreign
Currency Exchange Rate |
Credit | Equity Market | ||||||||||||||||||||||
Inputs
common to Level 2 and Level 3 by instrument type |
• |
swap
yield curves |
• |
swap
yield curves |
• |
swap
yield curves |
• |
swap
yield curves | ||||||||||||||||||
• |
basis
curves |
• |
basis
curves |
• |
credit
curves |
• |
spot
equity index levels | |||||||||||||||||||
• | interest rate volatility (1) | • |
currency
spot rates |
• |
recovery
rates |
• |
dividend
yield curves | |||||||||||||||||||
•
|
cross currency basis curves |
•
|
equity
volatility (1) | |||||||||||||||||||||||
Level 3 | • |
swap
yield curves (2) |
• |
swap
yield curves (2) |
• |
swap
yield curves (2) |
• |
dividend
yield curves (2) | ||||||||||||||||||
• |
basis
curves (2) |
• |
basis
curves (2) |
• |
credit
curves (2) |
• |
equity
volatility (1), (2) | |||||||||||||||||||
• |
repurchase
rates |
• |
cross
currency basis curves (2) |
• | credit spreads | • |
correlation
between model inputs (1) | |||||||||||||||||||
• | interest rate volatility (1), (2) | • |
currency
correlation |
• | repurchase rates | |||||||||||||||||||||
• |
independent
non-binding broker quotations |
December 31, 2023 | December 31, 2022 | Impact
of Increase in Input on Estimated Fair Value (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valuation Techniques | Significant Unobservable Inputs |
Range | Weighted Average (1) |
Range | Weighted Average (1) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities AFS (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate and
foreign corporate |
• | Matrix pricing | • | Offered quotes (4) | 4 | - | 131 | 95 | — | - | 126 | 89 | Increase | ||||||||||||||||||||||||||||||||||||||||||||||
• | Market pricing | • | Quoted prices (4) | — | - | 110 | 93 | 20 | - | 107 | 92 | Increase | |||||||||||||||||||||||||||||||||||||||||||||||
RMBS | • | Market pricing | • | Quoted prices (4) | — | - | 112 | 93 | — | - | 106 | 93 | Increase (5) | ||||||||||||||||||||||||||||||||||||||||||||||
ABS & CLO | • | Market pricing | • | Quoted prices (4) | 78 | - | 101 | 94 | 74 | - | 101 | 91 | Increase (5) | ||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | • |
Present
value techniques |
• | Swap yield (6) | 367 | - | 399 | 385 | 372 | - | 392 | 381 | Increase (7) | ||||||||||||||||||||||||||||||||||||||||||||||
Credit | • |
Present
value techniques |
• | Credit spreads (8) | — | - | — | — | 84 | - | 138 | 101 | Decrease (7) | ||||||||||||||||||||||||||||||||||||||||||||||
• | Consensus pricing | • | Offered quotes (9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market Risk Benefits | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct
and assumed guaranteed minimum benefits |
• |
Option
pricing techniques |
• | Mortality rates: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ages
0 - 40 |
0.01% | - | 0.13% | 0.05% | 0.01% | - | 0.08% | 0.05% | (10) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ages
41 - 60 |
0.05% | - | 0.67% | 0.22% | 0.05% | - | 0.43% | 0.20% | (10) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ages
61 - 115 |
0.35% | - | 100% | 1.23% | 0.34% | - | 100% | 1.44% | (10) | ||||||||||||||||||||||||||||||||||||||||||||||||||
• | Lapse rates: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Durations
1 - 10 |
0.80% | - | 20.10% | 8.72% | 0.50% | - | 37.50% | 8.96% | Decrease (11) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Durations
11 - 20 |
3.10% | - | 10.10% | 4.34% | 0.70% | - | 35.75% | 6.52% | Decrease (11) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Durations
21 - 116 |
0.10% | - | 10.10% | 4.59% | 1.60% | - | 35.75% | 2.89% | Decrease (11) | ||||||||||||||||||||||||||||||||||||||||||||||||||
• | Utilization rates | 0.20% | - | 22% | 0.44% | 0.20% | - | 22% | 0.38% | Increase (12) | |||||||||||||||||||||||||||||||||||||||||||||||||
• | Withdrawal rates | 0.25% | - | 7.75% | 4.47% | 0.25% | - | 10% | 4.02% | (13) | |||||||||||||||||||||||||||||||||||||||||||||||||
• |
Long-term
equity volatilities |
16.37% | - | 21.85% | 18.55% | 16.46% | - | 22.01% | 18.49% | Increase (14) | |||||||||||||||||||||||||||||||||||||||||||||||||
• |
Nonperformance
risk spread |
0.38% | - | 0.70% | 0.73% | 0.34% | - | 0.74% | 0.75% | Decrease (15) |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||
Fixed Maturity Securities AFS | ||||||||||||||||||||||||||
Corporate (6) | Structured Products | Foreign Government |
Short-term
Investments | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Balance, January 1, 2022 | $ | 14,935 | $ | 4,600 | $ | 12 | $ | 2 | ||||||||||||||||||
Total
realized/unrealized gains (losses) included in
net
income (loss) (1), (2) |
(25) | 38 | (37) | — | ||||||||||||||||||||||
Total realized/unrealized gains (losses) included in AOCI | (3,334) | (356) | 6 | — | ||||||||||||||||||||||
Purchases (3) | 3,168 | 750 | — | 47 | ||||||||||||||||||||||
Sales (3) | (1,231) | (795) | (2) | (2) | ||||||||||||||||||||||
Issuances (3) | — | — | — | — | ||||||||||||||||||||||
Settlements (3) | — | — | — | — | ||||||||||||||||||||||
Transfers into Level 3 (4) | 1,614 | 204 | 45 | — | ||||||||||||||||||||||
Transfers out of Level 3 (4) | (394) | (1,068) | (9) | — | ||||||||||||||||||||||
Balance, December 31, 2022 | 14,733 | 3,373 | 15 | 47 | ||||||||||||||||||||||
Total
realized/unrealized gains (losses) included in
net
income (loss) (1), (2) |
(46) | (2) | 2 | — | ||||||||||||||||||||||
Total
realized/unrealized gains (losses) included in AOCI |
881 | 44 | (3) | 1 | ||||||||||||||||||||||
Purchases (3) | 3,402 | 268 | — | 15 | ||||||||||||||||||||||
Sales (3) | (1,673) | (609) | — | (48) | ||||||||||||||||||||||
Issuances (3) | — | — | — | — | ||||||||||||||||||||||
Settlements (3) | — | — | — | — | ||||||||||||||||||||||
Transfers into Level 3 (4) | 221 | 195 | — | — | ||||||||||||||||||||||
Transfers out of Level 3 (4) | (403) | (73) | — | — | ||||||||||||||||||||||
Balance, December 31, 2023 | $ | 17,115 | $ | 3,196 | $ | 14 | $ | 15 | ||||||||||||||||||
Changes
in unrealized gains (losses) included in net
income
(loss) for the instruments still held at
December
31, 2021: (5) |
$ | (7) | $ | 41 | $ | — | $ | — | ||||||||||||||||||
Changes
in unrealized gains (losses) included in net
income
(loss) for the instruments still held at
December
31, 2022: (5) |
$ | (21) | $ | 32 | $ | (37) | $ | — | ||||||||||||||||||
Changes
in unrealized gains (losses) included in net
income
(loss) for the instruments still held at
December
31, 2023: (5) |
$ | (24) | $ | 16 | $ | 2 | $ | — | ||||||||||||||||||
Changes
in unrealized gains (losses) included in
AOCI
for the instruments still held at
December
31, 2021: (5) |
$ | (731) | $ | 10 | $ | (1) | $ | — | ||||||||||||||||||
Changes
in unrealized gains (losses) included in
AOCI
for the instruments still held at
December
31, 2022: (5) |
$ | (3,326) | $ | (341) | $ | 7 | $ | — | ||||||||||||||||||
Changes
in unrealized gains (losses) included in
AOCI
for the instruments still held at
December
31, 2023: (5) |
$ | 844 | $ | 24 | $ | (3) | $ | — | ||||||||||||||||||
Gains
(Losses) Data for the year ended
December
31, 2021 |
||||||||||||||||||||||||||
Total
realized/unrealized gains (losses) included in
net
income (loss) (1), (2) |
$ | (40) | $ | 45 | $ | — | $ | — | ||||||||||||||||||
Total
realized/unrealized gains (losses) included in
AOCI |
$ | (745) | $ | 8 | $ | (1) | $ | — |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||
Residential
Mortgage Loans - FVO |
Other Investments |
Net
Derivatives
(7) |
Net
Embedded
Derivatives
(8) |
Separate Accounts (9) |
||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Balance, January 1, 2022 | $ | 127 | $ | 894 | $ | 86 | $ | (1,236) | $ | 1,958 | ||||||||||||||||||||||
Total
realized/unrealized gains (losses) included in
net
income (loss) (1), (2) |
(8) | (16) | (140) | 1,610 | 25 | |||||||||||||||||||||||||||
Total
realized/unrealized gains (losses) included in AOCI |
— | — | (547) | — | — | |||||||||||||||||||||||||||
Purchases (3) | — | 262 | 82 | — | 196 | |||||||||||||||||||||||||||
Sales (3) | (108) | (19) | — | — | (1,164) | |||||||||||||||||||||||||||
Issuances (3) | — | — | (3) | — | (2) | |||||||||||||||||||||||||||
Settlements (3) | (11) | — | 191 | 84 | 4 | |||||||||||||||||||||||||||
Transfers into Level 3 (4) | — | 3 | — | — | 1 | |||||||||||||||||||||||||||
Transfers out of Level 3 (4) | — | (102) | — | — | (23) | |||||||||||||||||||||||||||
Balance, December 31, 2022 | — | 1,022 | (331) | 458 | 995 | |||||||||||||||||||||||||||
Total
realized/unrealized gains (losses) included in
net
income (loss) (1), (2) |
— | 147 | (24) | (366) | (27) | |||||||||||||||||||||||||||
Total
realized/unrealized gains (losses) included in AOCI |
— | — | (5) | — | — | |||||||||||||||||||||||||||
Purchases (3) | — | 152 | — | — | 166 | |||||||||||||||||||||||||||
Sales (3) | — | (4) | — | — | (176) | |||||||||||||||||||||||||||
Issuances (3) | — | — | — | — | — | |||||||||||||||||||||||||||
Settlements (3) | — | — | 201 | (40) | 1 | |||||||||||||||||||||||||||
Transfers into Level 3 (4) | — | — | — | — | 13 | |||||||||||||||||||||||||||
Transfers out of Level 3 (4) | — | — | (1) | — | (4) | |||||||||||||||||||||||||||
Balance, December 31, 2023 | $ | — | $ | 1,317 | $ | (160) | $ | 52 | $ | 968 | ||||||||||||||||||||||
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2021: (5) | $ | (10) | $ | 170 | $ | (7) | $ | 330 | $ | — | ||||||||||||||||||||||
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2022: (5) | $ | — | $ | (22) | $ | (17) | $ | 1,610 | $ | — | ||||||||||||||||||||||
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2023: (5) | $ | — | $ | 150 | $ | (24) | $ | (366) | $ | — | ||||||||||||||||||||||
Changes
in unrealized gains (losses) included in
AOCI
for the instruments still held at
December
31, 2021: (5) |
$ | — | $ | — | $ | (128) | $ | — | $ | — | ||||||||||||||||||||||
Changes
in unrealized gains (losses) included in
AOCI
for the instruments still held at
December
31, 2022: (5) |
$ | — | $ | — | $ | (454) | $ | — | $ | — | ||||||||||||||||||||||
Changes
in unrealized gains (losses) included in
AOCI
for the instruments still held at
December
31, 2023: (5) |
$ | — | $ | — | $ | (5) | $ | — | $ | — | ||||||||||||||||||||||
Gains
(Losses) Data for the year ended
December
31, 2021 |
||||||||||||||||||||||||||||||||
Total
realized/unrealized gains (losses) included in
net
income (loss) (1), (2) |
$ | (5) | $ | 183 | $ | (69) | $ | 330 | $ | 8 | ||||||||||||||||||||||
Total
realized/unrealized gains (losses) included in AOCI |
$ | — | $ | — | $ | (352) | $ | — | $ | — |
December 31, | |||||||||||
2023 | 2022 | ||||||||||
(In
millions) | |||||||||||
Carrying
value after measurement: | |||||||||||
Mortgage
loans (1) |
$ | 295 | $ | 222 |
Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
(In
millions) | ||||||||||||||||||||
Realized
gains (losses) net: |
||||||||||||||||||||
Mortgage
loans (1) |
$ | (162) | $ | (13) | $ | (91) |
December 31, 2023 | ||||||||||||||||||||||||||||||||
Fair Value Hierarchy | ||||||||||||||||||||||||||||||||
Carrying
Value |
Level 1 | Level 2 | Level 3 | Total Estimated Fair Value | ||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Assets |
||||||||||||||||||||||||||||||||
Mortgage loans (1) | $ | 62,584 | $ | — | $ | — | $ | 59,511 | $ | 59,511 | ||||||||||||||||||||||
Policy
loans |
$ | 5,671 | $ | — | $ | — | $ | 6,042 | $ | 6,042 | ||||||||||||||||||||||
Other
invested assets |
$ | 1,778 | $ | — | $ | 1,794 | $ | — | $ | 1,794 | ||||||||||||||||||||||
Premiums, reinsurance and other receivables | $ | 14,028 | $ | — | $ | 221 | $ | 14,053 | $ | 14,274 | ||||||||||||||||||||||
Liabilities |
||||||||||||||||||||||||||||||||
Policyholder
account balances |
$ | 87,518 | $ | — | $ | — | $ | 86,093 | $ | 86,093 | ||||||||||||||||||||||
Long-term
debt |
$ | 1,886 | $ | — | $ | 1,958 | $ | — | $ | 1,958 | ||||||||||||||||||||||
Other
liabilities |
$ | 11,481 | $ | — | $ | 141 | $ | 11,333 | $ | 11,474 | ||||||||||||||||||||||
Separate
account liabilities |
$ | 29,204 | $ | — | $ | 29,204 | $ | — | $ | 29,204 |
December 31, 2022 | ||||||||||||||||||||||||||||||||
Fair Value Hierarchy | ||||||||||||||||||||||||||||||||
Carrying
Value |
Level 1 | Level 2 | Level 3 | Total Estimated Fair Value | ||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Assets |
||||||||||||||||||||||||||||||||
Mortgage loans (1) | $ | 62,570 | $ | — | $ | — | $ | 58,858 | $ | 58,858 | ||||||||||||||||||||||
Policy
loans |
$ | 5,729 | $ | — | $ | — | $ | 6,143 | $ | 6,143 | ||||||||||||||||||||||
Other
invested assets |
$ | 1,978 | $ | — | $ | 1,979 | $ | — | $ | 1,979 | ||||||||||||||||||||||
Premiums, reinsurance and other receivables | $ | 12,036 | $ | — | $ | 454 | $ | 11,826 | $ | 12,280 | ||||||||||||||||||||||
Liabilities |
||||||||||||||||||||||||||||||||
Policyholder
account balances |
$ | 85,957 | $ | — | $ | — | $ | 83,594 | $ | 83,594 | ||||||||||||||||||||||
Long-term
debt |
$ | 1,676 | $ | — | $ | 1,758 | $ | — | $ | 1,758 | ||||||||||||||||||||||
Other
liabilities |
$ | 12,546 | $ | — | $ | 671 | $ | 11,842 | $ | 12,513 | ||||||||||||||||||||||
Separate
account liabilities |
$ | 38,391 | $ | — | $ | 38,391 | $ | — | $ | 38,391 |
December 31, 2023 | December 31, 2022 | |||||||||||||
(In millions) | ||||||||||||||
ROU assets | $ | 416 | $ | 498 | ||||||||||
Lease liabilities | $ | 498 | $ | 589 |
Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Operating lease cost | $ | 104 | $ | 116 | $ | 120 | ||||||||||||||
Sublease income | (87) | (73) | (91) |
December 31, 2023 | December 31, 2022 | |||||||||||||
(Dollars in millions) | ||||||||||||||
Cash paid for amounts included in the measurement of lease liability - operating cash flows | $ | 114 | $ | 124 | ||||||||||
ROU assets obtained in exchange for new lease liabilities | $ | 3 | $ | 4 | ||||||||||
Weighted-average remaining lease term | 6 years | 6 years | ||||||||||||
Weighted-average discount rate | 4.0 | % | 4.0 | % |
December 31, 2023 | ||||||||
(In millions) | ||||||||
2024 | $ | 107 | ||||||
2025 | 107 | |||||||
2026 | 104 | |||||||
2027 | 93 | |||||||
2028 | 70 | |||||||
Thereafter |
88 | |||||||
Total
undiscounted cash flows |
569 | |||||||
Less: interest | 71 | |||||||
Present
value of lease liability |
$ | 498 |
December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest
Rates (1) |
2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Range | Maturity | Face Value |
Unamortized Discount and Issuance Costs |
Carrying Value |
Face Value |
Unamortized Discount and Issuance Costs |
Carrying Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Surplus notes - affiliated | 7.38% | - | 7.38% | 2037 | $ | 700 | $ | (7) | $ | 693 | $ | 700 | $ | (7) | $ | 693 | |||||||||||||||||||||||||||||||||||||||||||||||||
Surplus
notes |
7.80% | - | 7.88% | 2024 | - | 2025 | 400 | — | 400 | 400 | (1) | 399 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other notes | 2.12% | - | 8.43% | 2024 | - | 2038 | 796 | (3) | 793 | 586 | (2) | 584 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing
lease obligations |
1 | — | 1 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total
long-term debt |
1,897 | (10) | 1,887 | 1,686 | (10) | 1,676 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total
short-term debt |
— | — | — | 99 | — | 99 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total |
$ | 1,897 | $ | (10) | $ | 1,887 | $ | 1,785 | $ | (10) | $ | 1,775 |
December 31, | |||||||||||
2023 | 2022 | ||||||||||
(Dollars in millions) | |||||||||||
Commercial
paper |
$ | — | $ | 99 | |||||||
Average
daily balance |
$ | 54 | $ | 100 | |||||||
Average
days outstanding |
80 days | 131 days |
Borrower(s) |
Expiration |
Maximum Capacity |
Letters of Credit Used by the Company (1) | Letters of Credit Used by Affiliates (1) | Drawdowns | Unused Commitments | ||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
MetLife, Inc. and MetLife Funding, Inc. | May 2028 (2) | $ | 3,000 | $ | 7 | $ | 290 | $ | — | $ | 2,703 |
Unrealized
Investment Gains
(Losses),
Net of
Related Offsets
(1) |
Deferred Gains (Losses) on Derivatives |
Future Policy Benefits Discount Rate Remeasurement Gains (Losses) | Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains(Losses) | Foreign Currency Translation Adjustments |
Defined Benefit Plans Adjustment |
Total | |||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 10,384 | $ | 1,791 | $ | — | $ | — | $ | (53) | $ | (460) | $ | 11,662 | |||||||||||||||||||||||||||
Cumulative effects of changes in accounting principles, net of income tax | 6,588 | — | (19,596) | 21 | — | — | (12,987) | ||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | 16,972 | 1,791 | (19,596) | 21 | (53) | (460) | (1,325) | ||||||||||||||||||||||||||||||||||
OCI before reclassifications | (5,443) | 30 | 5,118 | 311 | 9 | 44 | 69 | ||||||||||||||||||||||||||||||||||
Deferred income tax benefit (expense) | 1,191 | (8) | (1,075) | (65) | (1) | (9) | 33 | ||||||||||||||||||||||||||||||||||
AOCI before reclassifications, net of income tax | 12,720 | 1,813 | (15,553) | 267 | (45) | (425) | (1,223) | ||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI | 102 | 81 | — | — | — | 38 | 221 | ||||||||||||||||||||||||||||||||||
Deferred income tax benefit (expense) | (23) | (22) | — | — | — | (8) | (53) | ||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI, net of income tax | 79 | 59 | — | — | — | 30 | 168 | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 12,799 | 1,872 | (15,553) | 267 | (45) | (395) | (1,055) | ||||||||||||||||||||||||||||||||||
OCI before reclassifications | (31,197) | (701) | 21,623 | (236) | (177) | 278 | (10,410) | ||||||||||||||||||||||||||||||||||
Deferred income tax benefit (expense) | 6,556 | 147 | (4,541) | 49 | 35 | (58) | 2,188 | ||||||||||||||||||||||||||||||||||
AOCI before reclassifications, net of income tax | (11,842) | 1,318 | 1,529 | 80 | (187) | (175) | (9,277) | ||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI | 862 | 302 | — | — | — | 47 | 1,211 | ||||||||||||||||||||||||||||||||||
Deferred income tax benefit (expense) | (181) | (63) | — | — | — | (10) | (254) | ||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI, net of income tax | 681 | 239 | — | — | — | 37 | 957 | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | (11,161) | 1,557 | 1,529 | 80 | (187) | (138) | (8,320) | ||||||||||||||||||||||||||||||||||
OCI before reclassifications | 4,420 | (252) | (2,957) | (59) | 56 | (44) | 1,164 | ||||||||||||||||||||||||||||||||||
Deferred income tax benefit (expense) | (889) | 53 | 621 | 12 | (12) | 9 | (206) | ||||||||||||||||||||||||||||||||||
AOCI before reclassifications, net of income tax | (7,630) | 1,358 | (807) | 33 | (143) | (173) | (7,362) | ||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI | 1,421 | (826) | — | — | — | 10 | 605 | ||||||||||||||||||||||||||||||||||
Deferred income tax benefit (expense) | (286) | 173 | — | — | — | (2) | (115) | ||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI, net of income tax | 1,135 | (653) | — | — | — | 8 | 490 | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2023 | $ | (6,495) | $ | 705 | $ | (807) | $ | 33 | $ | (143) | $ | (165) | $ | (6,872) |
Years Ended December 31, | ||||||||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||||
AOCI Components | Amounts Reclassified from AOCI | Consolidated
Statements of Operations Locations | ||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Net
unrealized investment gains (losses): |
||||||||||||||||||||||||||
Net
unrealized investment gains (losses) |
$ | (1,404) | $ | (810) | $ | (67) | Net investment gains (losses) | |||||||||||||||||||
Net
unrealized investment gains (losses) |
5 | 6 | (13) | Net investment income | ||||||||||||||||||||||
Net
unrealized investment gains (losses) |
(22) | (58) | (22) | Net derivative gains (losses) | ||||||||||||||||||||||
Net unrealized investment gains (losses), before income tax | (1,421) | (862) | (102) | |||||||||||||||||||||||
Income
tax (expense) benefit |
286 | 181 | 23 | |||||||||||||||||||||||
Net
unrealized investment gains (losses), net of income tax |
(1,135) | (681) | (79) | |||||||||||||||||||||||
Deferred gains (losses) on derivatives - cash flow hedges: | ||||||||||||||||||||||||||
Interest
rate derivatives |
50 | 59 | 57 | Net investment income | ||||||||||||||||||||||
Interest
rate derivatives |
87 | 51 | 87 | Net investment gains (losses) | ||||||||||||||||||||||
Foreign
currency exchange rate derivatives |
4 | 5 | 4 | Net investment income | ||||||||||||||||||||||
Foreign
currency exchange rate derivatives |
684 | (417) | (229) | Net investment gains (losses) | ||||||||||||||||||||||
Credit
derivatives |
1 | — | — |
Net
investment gains (losses) | ||||||||||||||||||||||
Gains
(losses) on cash flow hedges, before income tax |
826 | (302) | (81) | |||||||||||||||||||||||
Income
tax (expense) benefit |
(173) | 63 | 22 | |||||||||||||||||||||||
Gains
(losses) on cash flow hedges, net of income tax |
653 | (239) | (59) | |||||||||||||||||||||||
Defined
benefit plans adjustment: (1) |
||||||||||||||||||||||||||
Amortization
of net actuarial gains (losses) |
(12) | (49) | (43) | |||||||||||||||||||||||
Amortization
of prior service (costs) credit |
2 | 2 | 5 | |||||||||||||||||||||||
Amortization
of defined benefit plan items, before income tax |
(10) | (47) | (38) | |||||||||||||||||||||||
Income
tax (expense) benefit |
2 | 10 | 8 | |||||||||||||||||||||||
Amortization
of defined benefit plan items, net of income tax |
(8) | (37) | (30) | |||||||||||||||||||||||
Total
reclassifications, net of income tax |
$ | (490) | $ | (957) | $ | (168) |
Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Prepaid legal plans | $ | 446 | $ | 421 | $ | 395 | ||||||||||||||
Administrative services-only contracts | 250 | 226 | 219 | |||||||||||||||||
Recordkeeping and administrative services (1) | 148 | 166 | 211 | |||||||||||||||||
Other revenue from service contracts from customers | 43 | 34 | 35 | |||||||||||||||||
Total revenues from service contracts from customers | 887 | 847 | 860 | |||||||||||||||||
Other (2) | 786 | 847 | 756 | |||||||||||||||||
Total other revenues | $ | 1,673 | $ | 1,694 | $ | 1,616 |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
(In millions) | |||||||||||||||||
General and administrative expenses (1) | $ | 2,799 | $ | 2,743 | $ | 2,331 | |||||||||||
Pension, postretirement and postemployment benefit costs | 199 | 116 | 112 | ||||||||||||||
Premium taxes, other taxes, and licenses & fees | 377 | 342 | 332 | ||||||||||||||
Commissions and other variable expenses | 2,098 | 2,290 | 2,551 | ||||||||||||||
Capitalization of DAC | (118) | (189) | (63) | ||||||||||||||
Amortization of DAC and VOBA | 298 | 297 | 341 | ||||||||||||||
Interest expense on debt | 132 | 104 | 96 | ||||||||||||||
Total other expenses | $ | 5,785 | $ | 5,703 | $ | 5,700 |
December 31, | |||||||||||
2023 | 2022 | ||||||||||
Pension Benefits | |||||||||||
(In millions) | |||||||||||
Change
in benefit obligations: |
|||||||||||
Benefit
obligations at January 1, |
$ | 962 | $ | 1,274 | |||||||
Service
costs |
10 | 15 | |||||||||
Interest
costs |
52 | 37 | |||||||||
Net actuarial (gains) losses (1) | 43 | (280) | |||||||||
Settlements and curtailments | — | — | |||||||||
Benefits
paid |
(79) | (84) | |||||||||
Benefit obligations at December 31, | 988 | 962 | |||||||||
Change
in plan assets: |
|||||||||||
Estimated
fair value of plan assets at January 1, |
— | — | |||||||||
Employer
contributions |
79 | 84 | |||||||||
Benefits
paid |
(79) | (84) | |||||||||
Estimated fair value of plan assets at December 31, | — | — | |||||||||
Over (under) funded status at December 31, | $ | (988) | $ | (962) | |||||||
Amounts recognized on the
consolidated balance sheets: |
|||||||||||
Other
liabilities |
$ | (988) | $ | (962) | |||||||
Amount recognized | $ | (988) | $ | (962) | |||||||
AOCI: |
|||||||||||
Net
actuarial (gains) losses |
$ | 220 | $ | 189 | |||||||
Prior
service costs (credit) |
(5) | (7) | |||||||||
AOCI,
before income tax |
$ | 215 | $ | 182 | |||||||
Accumulated
benefit obligation |
$ | 967 | $ | 940 |
December 31, | |||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
PBO
Exceeds Estimated Fair Value of Plan Assets |
ABO
Exceeds Estimated Fair Value of Plan Assets | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Projected
benefit obligations |
$ | 988 | $ | 961 | $ | 988 | $ | 961 | |||||||||||||||
Accumulated
benefit obligations |
$ | 967 | $ | 940 | $ | 967 | $ | 940 |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
(In millions) | |||||||||||||||||
Net
periodic benefit costs: |
|||||||||||||||||
Service
costs |
$ | 10 | $ | 15 | $ | 17 | |||||||||||
Interest
costs |
52 | 37 | 37 | ||||||||||||||
Settlement and curtailment (gains) losses | — | — | (3) | ||||||||||||||
Amortization
of net actuarial (gains) losses |
12 | 41 | 43 | ||||||||||||||
Amortization
of prior service costs (credit) |
(2) | (2) | (2) | ||||||||||||||
Total net periodic benefit costs (credit) | 72 | 91 | 92 | ||||||||||||||
Other
changes in plan assets and benefit obligations recognized in OCI: |
|||||||||||||||||
Net
actuarial (gains) losses |
43 | (280) | (42) | ||||||||||||||
Prior
service costs (credit) |
— | — | — | ||||||||||||||
Settlement and curtailment (gains) losses | — | — | 1 | ||||||||||||||
Amortization
of net actuarial gains (losses) |
(12) | (41) | (43) | ||||||||||||||
Amortization
of prior service (costs) credit |
2 | 2 | 2 | ||||||||||||||
Total
recognized in OCI |
33 | (319) | (82) | ||||||||||||||
Total
recognized in net periodic benefit costs and OCI |
$ | 105 | $ | (228) | $ | 10 |
Pension Benefits | |||||||||||
December 31, 2023 | |||||||||||
Weighted
average discount rate |
5.25% | ||||||||||
Weighted
average interest crediting rate |
4.00% | ||||||||||
Rate
of compensation increase |
2.50% | - | 8.00% | ||||||||
December 31, 2022 | |||||||||||
Weighted
average discount rate |
5.60% | ||||||||||
Weighted
average interest crediting rate |
4.00% | ||||||||||
Rate
of compensation increase |
2.50% | - | 8.00% |
Pension Benefits | |||||||||||
Year Ended December 31, 2023 | |||||||||||
Weighted
average discount rate |
5.60% | ||||||||||
Weighted
average interest crediting rate |
4.00% | ||||||||||
Rate
of compensation increase |
2.50% | - | 8.00% | ||||||||
Year Ended December 31, 2022 | |||||||||||
Weighted
average discount rate |
2.95% | ||||||||||
Weighted
average interest crediting rate |
3.46% | ||||||||||
Rate
of compensation increase |
2.50% | - | 8.00% | ||||||||
Year Ended December 31, 2021 | |||||||||||
Weighted
average discount rate |
3.01% | ||||||||||
Weighted
average interest crediting rate |
3.24% | ||||||||||
Rate
of compensation increase |
2.50% | - | 8.00% |
Pension Benefits | |||||
(In millions) | |||||
2024 | $ | 78 | |||
2025 | $ | 73 | |||
2026 | $ | 73 | |||
2027 | $ | 74 | |||
2028 | $ | 79 | |||
2029-2033 | $ | 399 |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
(In millions) | |||||||||||||||||
Current: |
|||||||||||||||||
U.S.
federal |
$ | 353 | $ | 309 | $ | (89) | |||||||||||
U.S.
state and local |
14 | 11 | 5 | ||||||||||||||
Non-U.S. |
14 | 14 | 43 | ||||||||||||||
Subtotal |
381 | 334 | (41) | ||||||||||||||
Deferred: |
|||||||||||||||||
U.S.
federal |
(321) | 939 | 576 | ||||||||||||||
Non-U.S. |
— | — | (6) | ||||||||||||||
Subtotal |
(321) | 939 | 570 | ||||||||||||||
Provision
for income tax expense (benefit) |
$ | 60 | $ | 1,273 | $ | 529 |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
(In millions) | |||||||||||||||||
Income
(loss): |
|||||||||||||||||
U.S. |
$ | 1,176 | $ | 6,895 | $ | 4,139 | |||||||||||
Non-U.S. |
19 | 34 | 105 | ||||||||||||||
Total |
$ | 1,195 | $ | 6,929 | $ | 4,244 |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
(In millions) | |||||||||||||||||
Tax provision at U.S. statutory rate | $ | 251 | $ | 1,455 | $ | 891 | |||||||||||
Tax effect of: | |||||||||||||||||
Dividend received deduction | (17) | (19) | (39) | ||||||||||||||
Tax-exempt income | (28) | 7 | (27) | ||||||||||||||
Prior year tax | 8 | 22 | (13) | ||||||||||||||
Low income housing tax credits | (116) | (143) | (178) | ||||||||||||||
Other tax credits | (30) | (36) | (38) | ||||||||||||||
Foreign tax rate differential | 1 | (10) | (7) | ||||||||||||||
Other, net (1) | (9) | (3) | (60) | ||||||||||||||
Provision for income tax expense (benefit) | $ | 60 | $ | 1,273 | $ | 529 |
December 31, | |||||||||||
2023 | 2022 | ||||||||||
(In millions) | |||||||||||
Deferred
income tax assets: |
|||||||||||
Policyholder
liabilities and receivables |
$ | 1,591 | $ | 772 | |||||||
Net
operating loss carryforwards (1) |
76 | 72 | |||||||||
Employee
benefits |
473 | 457 | |||||||||
Tax
credit carryforwards |
— | 508 | |||||||||
Litigation-related and government mandated | 83 | 74 | |||||||||
Net
unrealized investment losses |
1,741 | 2,699 | |||||||||
Other |
204 | 76 | |||||||||
Total
gross deferred income tax assets |
4,168 | 4,658 | |||||||||
Less:
Valuation allowance |
75 | 71 | |||||||||
Total
net deferred income tax assets |
4,093 | 4,587 | |||||||||
Deferred
income tax liabilities: |
|||||||||||
Investments,
including derivatives |
1,005 | 1,441 | |||||||||
Intangibles |
20 | 23 | |||||||||
DAC | 146 | 203 | |||||||||
Total
deferred income tax liabilities |
1,171 | 1,667 | |||||||||
Net
deferred income tax asset (liability) |
$ | 2,922 | $ | 2,920 |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
(In millions) | |||||||||||||||||
Balance
at January 1, |
$ | 37 | $ | 23 | $ | 35 | |||||||||||
Additions
for tax positions of prior years |
— | 24 | — | ||||||||||||||
Reductions
for tax positions of prior years (1) |
— | (12) | (14) | ||||||||||||||
Additions
for tax positions of current year |
2 | 2 | 2 | ||||||||||||||
Balance
at December 31, |
$ | 39 | $ | 37 | $ | 23 | |||||||||||
Unrecognized
tax benefits that, if recognized, would impact the effective rate |
$ | 39 | $ | 37 | $ | 23 |
December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
(In millions, except number of claims) | |||||||||||||||||
Asbestos
personal injury claims at year end |
57,488 | 58,073 | 58,785 | ||||||||||||||
Number
of new claims during the year |
2,565 | 2,610 | 2,824 | ||||||||||||||
Settlement
payments during the year (1) |
$ | 50.6 | $ | 50.5 | $ | 53.0 |
Three Months Ended | ||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
2023 | ||||||||||||||||||||||||||
Total
revenues |
$ | 8,717 | $ | 8,776 | $ | 9,324 | $ | 9,532 | ||||||||||||||||||
Total
expenses |
$ | 8,912 | $ | 8,188 | $ | 7,634 | $ | 10,420 | ||||||||||||||||||
Net
income (loss) |
$ | (91) | $ | 510 | $ | 1,379 | $ | (663) | ||||||||||||||||||
Less:
Net income (loss) attributable to noncontrolling interests |
$ | (2) | $ | 43 | $ | — | $ | — | ||||||||||||||||||
Net
income (loss) attributable to Metropolitan Life Insurance Company |
$ | (89) | $ | 467 | $ | 1,379 | $ | (663) | ||||||||||||||||||
2022 | ||||||||||||||||||||||||||
Total
revenues |
$ | 9,517 | $ | 9,448 | $ | 17,646 | $ | 8,836 | ||||||||||||||||||
Total
expenses |
$ | 7,232 | $ | 7,379 | $ | 15,793 | $ | 8,114 | ||||||||||||||||||
Net
income (loss) |
$ | 1,882 | $ | 1,684 | $ | 1,510 | $ | 580 | ||||||||||||||||||
Less:
Net income (loss) attributable to noncontrolling interests |
$ | — | $ | 2 | $ | 2 | $ | 24 | ||||||||||||||||||
Net
income (loss) attributable to Metropolitan Life Insurance Company |
$ | 1,882 | $ | 1,682 | $ | 1,508 | $ | 556 |
Types of Investments | Cost
or Amortized Cost (2) |
Estimated Fair Value |
Amount
at Which Shown on Balance Sheet | ||||||||||||||
Fixed maturity securities AFS: | |||||||||||||||||
Bonds: | |||||||||||||||||
U.S. government and agency | $ | 23,100 | $ | 21,060 | $ | 21,060 | |||||||||||
Public utilities | 5,569 | 5,385 | 5,385 | ||||||||||||||
Municipals | 6,429 | 6,319 | 6,319 | ||||||||||||||
Foreign government | 3,416 | 3,295 | 3,295 | ||||||||||||||
All other corporate bonds | 73,720 | 69,596 | 69,596 | ||||||||||||||
Total bonds | 112,234 | 105,655 | 105,655 | ||||||||||||||
Mortgage-backed, asset-backed and collateralized loan obligations securities | 39,136 | 36,423 | 36,423 | ||||||||||||||
Redeemable preferred stock | 710 | 727 | 727 | ||||||||||||||
Total fixed maturity securities AFS | 152,080 | 142,805 | 142,805 | ||||||||||||||
Mortgage loans | 63,093 | 62,584 | |||||||||||||||
Policy loans | 5,671 | 5,671 | |||||||||||||||
Real estate and real estate joint ventures | 8,500 | 8,500 | |||||||||||||||
Real estate acquired in satisfaction of debt | 190 | 190 | |||||||||||||||
Other limited partnership interests | 7,765 | 7,765 | |||||||||||||||
Short-term investments | 3,008 | 3,048 | |||||||||||||||
Other invested assets | 17,054 | 17,040 | |||||||||||||||
Total investments | $ | 257,361 | $ | 247,603 |
Segment | DAC and VOBA |
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation |
Policyholder Account Balances |
Market Risk Benefits (Assets) Liabilities (1) | Policyholder Dividends Payable |
Unearned Premiums (2), (3) |
Unearned Revenue (2) | |||||||||||||||||||||||||||||||||||||
2023 | ||||||||||||||||||||||||||||||||||||||||||||
Group
Benefits (4) |
$ | 255 | $ | 17,547 | $ | 7,605 | $ | — | $ | — | $ | 359 | $ | — | ||||||||||||||||||||||||||||||
RIS
(4) |
169 | 54,367 | 69,758 | (1) | — | — | 16 | |||||||||||||||||||||||||||||||||||||
MetLife
Holdings |
2,723 | 65,434 | 17,598 | 2,702 | 233 | 152 | 5 | |||||||||||||||||||||||||||||||||||||
Corporate
& Other |
158 | 123 | 8,933 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total |
$ | 3,305 | $ | 137,471 | $ | 103,894 | $ | 2,701 | $ | 233 | $ | 511 | $ | 21 | ||||||||||||||||||||||||||||||
2022 | ||||||||||||||||||||||||||||||||||||||||||||
Group
Benefits (4) |
$ | 263 | $ | 16,727 | $ | 7,954 | $ | — | $ | — | $ | 298 | $ | — | ||||||||||||||||||||||||||||||
RIS
(4) |
154 | 53,116 | 69,545 | 25 | — | 2 | 18 | |||||||||||||||||||||||||||||||||||||
MetLife
Holdings |
3,220 | 64,871 | 19,828 | 3,071 | 240 | 155 | 227 | |||||||||||||||||||||||||||||||||||||
Corporate
& Other |
120 | 131 | 6,080 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total |
$ | 3,757 | $ | 134,845 | $ | 103,407 | $ | 3,096 | $ | 240 | $ | 455 | $ | 245 | ||||||||||||||||||||||||||||||
Segment | Premiums and
Universal Life and Investment-Type Product Policy Fees |
Net Investment Income |
Policyholder
Benefits and Claims, Policyholder Liability Remeasurement (Gains) Losses and Interest Credited to Policyholder Account Balances |
Market
Risk Benefit Remeasurement (Gains) Losses |
Amortization of DAC and VOBA Charged to Other Expenses |
Other Expenses (1) | ||||||||||||||||||||||||||||||||
2023 | ||||||||||||||||||||||||||||||||||||||
Group
Benefits (2) |
$ | 21,472 | $ | 1,127 | $ | 18,143 | $ | — | $ | 26 | $ | 3,302 | ||||||||||||||||||||||||||
RIS
(2) |
2,039 | 6,111 | 6,527 | (34) | 31 | 527 | ||||||||||||||||||||||||||||||||
MetLife
Holdings |
2,865 | 3,757 | 4,617 | (669) | 224 | 1,278 | ||||||||||||||||||||||||||||||||
Corporate
& Other |
6 | 211 | 315 | — | 17 | 850 | ||||||||||||||||||||||||||||||||
Total |
$ | 26,382 | $ | 11,206 | $ | 29,602 | $ | (703) | $ | 298 | $ | 5,957 | ||||||||||||||||||||||||||
2022 | ||||||||||||||||||||||||||||||||||||||
Group
Benefits (2) |
$ | 21,124 | $ | 1,076 | $ | 18,307 | $ | — | $ | 26 | $ | 3,056 | ||||||||||||||||||||||||||
RIS
(2) |
8,692 | 4,980 | 12,353 | (290) | 28 | 347 | ||||||||||||||||||||||||||||||||
MetLife
Holdings |
3,190 | 4,132 | 4,904 | (3,089) | 237 | 1,372 | ||||||||||||||||||||||||||||||||
Corporate
& Other |
— | (66) | 67 | — | 6 | 1,194 | ||||||||||||||||||||||||||||||||
Total |
$ | 33,006 | $ | 10,122 | $ | 35,631 | $ | (3,379) | $ | 297 | $ | 5,969 | ||||||||||||||||||||||||||
2021 | ||||||||||||||||||||||||||||||||||||||
Group
Benefits (2) |
$ | 20,468 | $ | 1,105 | $ | 18,943 | $ | — | $ | 26 | $ | 2,799 | ||||||||||||||||||||||||||
RIS
(2) |
4,095 | 5,855 | 7,222 | 117 | 29 | 412 | ||||||||||||||||||||||||||||||||
MetLife
Holdings |
3,499 | 5,496 | 5,104 | (875) | 286 | 1,579 | ||||||||||||||||||||||||||||||||
Corporate & Other | — | 30 | — | — | — | 1,301 | ||||||||||||||||||||||||||||||||
Total |
$ | 28,062 | $ | 12,486 | $ | 31,269 | $ | (758) | $ | 341 | $ | 6,091 |
Gross Amount |
Ceded
(1) |
Assumed
(1) |
Net
Amount |
% Amount
Assumed to Net | ||||||||||||||||||||||||||||
2023 | ||||||||||||||||||||||||||||||||
Life insurance in-force | $ | 4,276,976 | $ | 160,983 | $ | 660,504 | $ | 4,776,497 | 13.8 | % | ||||||||||||||||||||||
Insurance premium | ||||||||||||||||||||||||||||||||
Life
insurance (2) |
$ | 14,418 | $ | 704 | $ | 807 | $ | 14,521 | 5.6 | % | ||||||||||||||||||||||
Accident & health insurance | 10,609 | 452 | 40 | 10,197 | 0.4 | % | ||||||||||||||||||||||||||
Total insurance premium | $ | 25,027 | $ | 1,156 | $ | 847 | $ | 24,718 | 3.4 | % | ||||||||||||||||||||||
2022 | ||||||||||||||||||||||||||||||||
Life insurance in-force | $ | 4,074,989 | $ | 149,129 | $ | 538,168 | $ | 4,464,028 | 12.1 | % | ||||||||||||||||||||||
Insurance premium | ||||||||||||||||||||||||||||||||
Life
insurance (2) |
$ | 21,248 | $ | 769 | $ | 830 | $ | 21,309 | 3.9 | % | ||||||||||||||||||||||
Accident & health insurance | 10,017 | 179 | 42 | 9,880 | 0.4 | % | ||||||||||||||||||||||||||
Total insurance premium | $ | 31,265 | $ | 948 | $ | 872 | $ | 31,189 | 2.8 | % | ||||||||||||||||||||||
2021 | ||||||||||||||||||||||||||||||||
Life insurance in-force | $ | 3,991,763 | $ | 164,834 | $ | 546,176 | $ | 4,373,105 | 12.5 | % | ||||||||||||||||||||||
Insurance premium | ||||||||||||||||||||||||||||||||
Life
insurance (2) |
$ | 13,628 | $ | 792 | $ | 4,080 | $ | 16,916 | 24.1 | % | ||||||||||||||||||||||
Accident & health insurance | 9,377 | 146 | 41 | 9,272 | 0.4 | % | ||||||||||||||||||||||||||
Total insurance premium | $ | 23,005 | $ | 938 | $ | 4,121 | $ | 26,188 | 15.7 | % |